NB Private Capital LLC, a real estate investment firm and sponsor of private placement offerings, has purchased a newly built Class A student housing property located two blocks from Kent State University in Kent, Ohio. The property was purchased for $32.1 million and is branded as 345 Flats.
345 Flats is a five-story, 147-unit property with 288 beds and follows the recent acquisition of The Nine at Memphis, a Class A student housing property located adjacent to The University of Memphis.
“345 Flats and Kent State University are a perfect fit for NB Private Capital and our investors,” said Brian Nelson, president of NB Private Capital. “In 2018, the school’s board of trustees adopted a 10-year facilities master plan to modernize the campus and enhance an already top-tier academic institution. This is exactly the kind of school where we look to acquire property.”
NB Private Capital specializes in the acquisition, financing, and ownership of real estate investments in off-campus student housing. The company currently manages more than $750 million in real estate in 16 states and 22 universities.