Source: Canyon Partners / GMH Communities / CRG
RENO, NV - Canyon Partners Real Estate announced its joint venture with GMH Communities and CRG for the ground-up development of a 755-bed student housing project located at the University of Nevada, Reno ("UNR"). Canyon is investing $36.2 million of equity in this development, which is located in a Qualified Opportunity Zone. The project will commence construction immediately and is expected to achieve completion in time for the start of the 2023 school year. The joint venture also simultaneously closed on a $75.2 million senior construction loan from Citizens and Nevada State Bank.
The project is located at the intersection of North Virginia Street and 15th Street, directly across from UNR's main entrance at the center of campus. The 12-story development will be the first high-rise student housing development in the Reno area, offering expansive views of campus, downtown Reno and the Truckee Meadows and its surrounding mountain ranges. The project is planning to obtain a LEED Silver certification and will include a combination of floor plan options, from one- to five-bedrooms, as well as numerous student-focused amenities.
"Academy at Reno fits in seamlessly with GMH's growing portfolio of first-class student living communities that are designed with students' unique lifestyles in mind," says Steve Behrle, Executive Vice President of Development with GMH Communities. "We're proud to partner with Canyon and CRG as we begin development on this exciting high-rise that will soon provide students at The University of Nevada, Reno with the perfect home-away-from-home while they focus on their academic endeavors."
"We're thrilled to team with both Canyon and GMH, one of the original pioneers of student housing, to bring this best-in-class property to the students of University of Nevada, Reno," said J.J. Smith, CRG's Managing Partner and Residential Group Leader. "I've long respected the GMH and Canyon teams, and given that CRG has considerable experience in this market, this partnership was a logical one. As the market's first high-rise, Academy at Reno will stand out from its competitors with an unmatched amenity package featuring floor-to-ceiling windows and commanding views of the mountains and campus."