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.