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Versity Investments Buys Reno Student Housing Property for DST Offering

Versity Investments LLC, a sponsor of 1031 exchanges and other private placement offerings, has purchased Wolf Run in Reno, Nevada for $59 million.

Versity Investments LLC, a sponsor of 1031 exchanges and other private placement offerings, has purchased Wolf Run, a 144-unit, 429-bed student housing property located in Reno, Nevada for $59 million. The property was purchased for a Delaware statutory trust offering sponsored by the company.

Wolf Run is located near the University of Nevada and includes Wolf Run East and Wolf Run Vintage, totaling approximately 180,000 square feet.

Wolf Run East, comprised of seven buildings and a two-story clubhouse, has 105 units and 210 beds. Wolf Run Vintage has nine, two-story townhouse-style buildings with 38 units and 228 beds.

Since the acquisition of Wolf Run, Versity said that it has introduced new social media and digital marketing platforms. The firm also signed a 69-bed master lease with Tesla (NASDAQ: TSLA) to house its Gigafactory employees. The electric automobile company opened its first Gigafactory in 2016 about five miles east of Reno to build its lithium-ion battery and vehicle components.

“Wolf Run proved itself in this market over a very difficult last 12 months,”, Brian Nelson, Versity’s president. “We believe the property’s fantastic location being two blocks from campus, and fresh renovations had everything to do with its 99 percent occupancy during COVID. It’s also a great price point for the value and location. We’re thrilled that we were able to close on this property within 60 days which is a very fast turnaround.”

Versity Investments, a real estate investment firm formerly known as NB Private Capital, specializes in student housing and multifamily projects. The company said that it has raised “several hundred million dollars in equity investments,” and owns a portfolio of 31 properties located in 18 states with a combined value of $1 billion.

For more Versity Investments news, please visit their directory page.