Memphis, Tenn. — NB Private Capital has acquired The Nine at Memphis, a 385-bed student housing community located near the University of Memphis in Tennessee, for $32 million. The acquisition was structured as a DST offering for 1031 exchange investments. The seller was undisclosed. The community offers two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa deck; grilling stations and an outdoor bar area; a clubhouse; coffee bar; state-of-the-art fitness center; yoga studio; gaming area with air hockey, ping-pong and pool tables; a tanning bed; study and group project room; and a computer lounge.
NB Private Capital Acquires Community Near the University of Memphis for $32 Million