Investcorp has acquired the 245-unit West 22 student housing complex near Kennesaw State University for $89.7 million, or roughly $100,000 per bed.

West 22 was completed in 2013 and totals 850 beds. The Atlanta Business Journal reports it’s the first student housing development to sell in Cobb County this year. 

New York real estate investment firm Vesper Holdings was the seller.  The acquisition was partly financed with a $61.7 million mortgage from MetLife Investment Management. The loan matures in November 2026. 

West 22 is one of few student housing investments Investcorp has made in Atlanta. In the Southeast, student housing rent escalation is forecast to outpace apartments 11.7% to 1.8% during 2023 and 2024, according to CBRE Group.