PAOLI, PA — TSB Realty, LLC successfully completed the sale of The Indy, a 172-unit, 543-bed luxury student housing property located near the Kennesaw State University campus in Marietta, Georgia. Heitman LLC purchased the property on behalf of an institutional investor from a joint venture involving Vesper Holdings.
“The market fundamentals at KSU continue to be incredibly strong—record enrollment trends, impressive rent growth, consistently high occupancy numbers—and The Indy has been a big part of that narrative,” said Randall Calvert with TSB Realty. “We were thrilled to work with Vesper and Heitman to maintain the momentum and get this deal done.”
Delivered in 2020, The Indy is situated less than a quarter mile from the southern edge of the Kennesaw State University campus and pedestrian to Town Center Mall, which features a variety of retail, dining and entertainment. The property offers a mix of one-, two-, three- and four-bedroom units, each with granite countertops, stainless-steel appliances, a 55-inch smart TV, in-unit washer and dryer, high ceilings and a Nest thermostat. Community amenities include a saltwater resort-style pool, 24-hour fitness center, state-of-the-art clubhouse, cyber café with coffee bar, game room, indoor and outdoor rooftop lounge, putting greens, fire pits and more.
The Indy is currently 100% occupied.
Heitman is a global real estate investment management firm with $48 billion in assets under management as of March 31, 2025. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly traded real estate securities.
Founded by Elliot J. Tamir and Isaac J. Sitt, Vesper Holdings is a privately held real estate investment firm based in New York City. Vesper Holdings’ diverse portfolio includes student housing, retail, mixed use, office buildings, and parking structures. Vesper Holdings ranks as the eighth largest student housing owner in the United States. Its real estate portfolio consists of 53 properties, including over 25,000 student housing beds.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed over $10 billion in student housing sales for a diverse client base, encompassing more than 100,000 beds from tier 1 markets to tertiary markets.
