RENO, NV – Canyon Partners Real Estate announced its joint venture with GMH Communities and CRG for the fundamental development of a 755 bed student housing project at the University of Nevada, Reno ("UNR"). Canyon is investing $ 36.2 million in equity in this development, which is located in a Qualified Opportunity Zone. Construction work will begin immediately and is expected to be completed by the beginning of the school year in 2023. The joint venture also completed a $ 75.2 million senior home loan from Citizens and Nevada State Bank.
The project is located at the intersection of North Virginia Street and 15th Street, directly across from the main UNR entrance in the center of the campus. The twelve-story building will be the first high-rise residential building in the Reno area and will offer expansive views of campus, downtown Reno, and Truckee Meadows and the surrounding mountain ranges. The project plans to achieve LEED Silver certification and includes a combination of floor plan options, from one to five bedrooms, as well as numerous student amenities.
"Academy at Reno fits in seamlessly with GMH's growing portfolio of world-class student residential communities that are tailored to the unique lifestyles of the students," said Steve Behrle, executive vice president of development at GMH Communities. "We are proud to partner with Canyon and CRG as we begin development of this exciting skyscraper that will soon provide the University of Nevada, Reno students with a perfect home away from home while they focus on their academic endeavors can ."
"We are delighted to be working with Canyon and GMH, one of the original pioneers of student housing, to make this premier property available to students at the University of Nevada, Reno," said J.J. Smith, managing partner and group leader at CRG. "I have long respected the GMH and Canyon teams and with CRG having considerable experience in the market, this partnership was a logical one. As the first high-rise in the market, the Reno Academy will stand out from its competitors with an unmatched amenity package with floor-to-ceiling windows and a wonderful view of the mountains and the campus. "
Source: Canyon Partner / GMH Communities / CRG