Joint Venture Breaks Ground on 755-Bed High-Rise Student Housing Community in Reno, Nevada
RENO, NEV. — A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus.
The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon plans to contribute $36.2 million in equity for the development.
The community will be located at the intersection of North Virginia Street and 15th Street, directly across from the university’s main entrance, and will offer one- to five-bedroom units. The project’s design-build team includes Humphreys & Partners Architects and general contractor Clayco.
The 12-story development is targeting LEED Silver certification and is set for delivery prior to the start of the 2023-2024 academic year. The community will offer expansive views of campus, downtown Reno, the Truckee Meadows valley and nearby mountain ranges.
Founded in 1991, Canyon Partners Real Estate is an investment arm of Canyon Partners, a global alternative asset manager with over $27 billion in assets under management. Academy at Reno marks Canyon’s ninth joint venture equity investment in Qualified Opportunity Zones, totaling over $700 million worth of development projects.
Newtown Square, Pa.-based GMH Communities is a privately held real estate company specializing in the acquisition, development and management of conventional multifamily and student housing communities.
CRG is a privately held real estate development firm that has delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. The company has offices in Atlanta, Chicago, St. Louis, Southern California, Phoenix and Philadelphia.