Investcorp has recently acquired the West 22 student housing complex near Kennesaw State University for $89.7 million, equating to approximately $100,000 per bed. Completed in 2013 and boasting a total of 850 beds, this development marks the first student housing sale in Cobb County this year according to reports from the Atlanta Business Journal.
The seller of West 22 was New York-based real estate investment firm Vesper Holdings while financing for Investcorp’s acquisition was secured through a mortgage from MetLife Investment Management worth $61.7 million with maturity set for November 2026.
This purchase is one of several investments made by Investcorp in Atlanta’s student housing market as it looks towards future growth opportunities. CBRE Group forecasts that rent escalation rates within Southeastern states will surpass those seen within traditional apartment markets with an expected increase of 11.7% compared to just 1.8% between now and the end of both years respectively.
