TSB Realty closes sale of The Nine @ Memphis, student housing project near University of Memphis
PAOLI, PA — TSB Realty, LLC completed the sale of The Nine @ Memphis, a 114-unit, 385-bed, luxury student housing project located near the University of Memphis. NB Private Capital purchased the property from 908 Group and Scannell Properties.
“The Nine @ Memphis provided NB Private Capital with the opportunity to acquire the best-in-market and newest-built student housing property at the University of Memphis,” said Randall L. Calvert of TSB Realty. “The property is ideally located adjacent to campus and within a block of the retail and nightlife scene.”
908 Group is a Tampa-based, design-oriented, boutique real estate development company specializing in urban infill, multifamily and mixed-use projects, and the adaptive re-use of strategic historical properties. 908 Group’s focus is to create unique properties and innovative functional living spaces through the utilization of cutting-edge architecture, design and technology.
Scannell Properties is a privately-owned real estate development and investment company that focuses on mixed-use, student housing, build-to-suit and speculative development projects throughout the United States, Canada and Europe. In business since 1990, Scannell offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types.
Located a block from the University of Memphis campus, The Nine @ Memphis is the newest purpose-built student housing property in the UM marketplace. Built in 2017, The Nine’s community amenities include a 7,000+ square foot clubhouse, a business center, study rooms, a Starbucks coffee bar, gaming rooms, a resort-style pool and spa deck, pool deck grilling stations and a state-of-the-art fitness center. Fully furnished units feature hardwood-style flooring, 50-inch HD TVs in every unit, 9-foot ceilings, granite countertops, stainless steel appliances, walk-in closets in select units, separate key entry to bedrooms and in-unit washer and dryer.
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 its inception in 2014, the Paoli, Pennsylvania-based firm has closed more than $4 billion in student housing sales for a diverse client base, encompassing more than 33,000 beds from tier 1 markets to tertiary markets.