RENO, N.V., July 15, 2021 /PRNewswire/ -- Canyon
Partners Real Estate LLC ("Canyon") today announced its joint
venture with GMH Communities ("GMH") 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."
This project marks Canyon's ninth joint venture equity
investment in Qualified Opportunity Zones, capitalizing over
$700 million of real estate
development projects. The project was designed by Humphreys &
Partners Architects and Clayco will serve as general
contractor.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is
the real estate direct investing arm of Canyon Partners, LLC, a
global alternative asset manager with over $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. With 29 years of
experience, Canyon has established a broad menu of investment
capabilities spanning property types, US regions, and project
stages (including development, transitional, and
distressed/workouts). For more information visit:
www.canyonpartners.com
About GMH Communities
Headquartered in Newtown Square,
PA, GMH Communities is a dynamic, privately-held real estate
company specializing in the acquisition, development and management
of exceptional living communities throughout the United States. Since 1985, GMH has
participated in over 300 transactions representing more than
$8 billion of gross asset value
across all major property types. For more information, visit
www.gmhcommunities.com.
About CRG
CRG is a privately held real estate development firm that has
developed more than 9,000 acres of land and delivered over 200
million square feet of commercial, industrial, institutional and
multifamily assets exceeding $12
billion in value. CRG leverages a powerful North American
platform with local market expertise and offices in Atlanta, Chicago, St.
Louis, Southern California,
Phoenix and Philadelphia. CRG's philosophy of developing
for the future and anticipating the enhanced needs of next
generation users led to the creation of its industrial brand, The
Cubes, and its multifamily brand, Chapter. For more information,
visit CRG's website at www.realcrg.com.
Media contacts:
Canyon Partners Real Estate:
Kris Cole
Prosek Partners
310.614.9208
Pro-canyon@prosek.com
GMH Communities:
Britni Ackrivo
Gregory FCA
484.504.9920
backrivo@gregoryfca.com
CRG:
Glenn LaFollette
312.216.5684
lafolletteg@realcrg.com
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SOURCE Canyon Partners LLC