NB Private Capital Buys Memphis Student Housing
The 385-bed community serving the University of Memphis changed hands for $27.2 million.
The Nine at Memphis. Image courtesy of TSB Realty
NB Private Capital has acquired The Nine @ Memphis, a 114-unit student housing community in Memphis, Tenn., for $27.2 million, according to Yardi Matrix. The investment firm picked up the 385-bed asset neighboring the University of Memphis from 908 Group and Scannell Properties.
The sale was subject to a $17.8 million loan held by Freddie Mac. TSB Realty completed the deal for the asset located at 3565 Mynders Ave., within a block of campus and the neighboring retail and nightlife scene.
Built in 2017, The Nine @ Memphis is the newest purpose-built student housing property in the market. The community provides fully furnished two-, three- and four-bedroom units, featuring 9-foot ceilings, granite countertops, 50-inch HD TVs, in-unit washers and dryers, and separate key entry to bedrooms. Community amenities include a more than 7,000-square-foot clubhouse, a business center, fitness center, pool and spa deck, and Starbucks coffee bar.
The deal marks NB’s first acquisition in Tennessee. The fast-growing student housing specialist has a portfolio spanning more than 22 properties across the country. Last November, the company completed its acquisition of The Element, a 216-unit community catering to students at Sacramento State University. NB raised about $38.5 million from 1031 exchange investors to acquire the $91.8 million asset in Sacramento, Calif.
