Home News Canyon Partners JV to Develop Student Housing Property in Reno Opportunity Zone

Canyon Partners JV to Develop Student Housing Property in Reno Opportunity Zone

Canyon Partners Real Estate formed a joint venture with two private real estate firms to develop Academy at Reno near the University of Nevada in a qualified opportunity zone.

Canyon Partners Real Estate LLC, the investing arm of Canyon Partners, has formed a joint venture with private real estate firms GMH Communities and CRG to develop Academy at Reno, a 755-bed student housing project located near the University of Nevada, Reno in a qualified opportunity zone.

Canyon is investing $36.2 million of equity in this development, and the joint venture closed on a $75.2 million senior construction loan from Citizens and Nevada State Bank.

The 12-story property, located across from the university’s main entrance, will reportedly be the first high-rise student housing development in the Reno area. 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 “student-focused” amenities.

Construction will begin “immediately” and is expected to be completed in time for the 2023 school year, the company said. The project was designed by Humphreys & Partners Architects, and Clayco will serve as general contractor.

This investment marks Canyon’s ninth joint venture investing in qualified opportunity zones.

Canyon Partners is a global alternative asset manager with more than $27 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $15.3 billion of real estate assets, focusing on debt, value-add, and opportunistic strategies.

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