CRG, GMH Communities and Canyon Partners Break Ground on Reno’s First-Ever High-Rise Student Housing ComplexAugust 6, 2021
CRG, the real estate development and investment arm of Chicago-based Clayco, along with GMH Communities (“GMH”) and Canyon Partners (“Canyon”), announced today the start of construction for The Academy at Reno, a student housing high-rise development across the street from the University of Nevada, Reno. The 12-story, 755-bed project will be Reno’s first high-rise student housing complex.
When complete in fall of 2023, the property will be fully furnished and have a state-of-the-art fitness center, rooftop podium pool, game and club lounge, barbeque grills, fire pits, ample group and individual study lounge spaces, and a rooftop terrace with views of the surrounding Sierra Nevada Mountain range.
CRG and GMH secured joint venture equity this month from Canyon, a global alternative asset manager with approximately $27 billion in assets under management. Citizens and Nevada State Bank provided the construction loan.
The project is located at 1461 North Virginia Street, directly across the street from the university’s student union. The project will offer a mix of one- to five-bedroom apartments and nearly 2,400 square feet of retail space.
“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 the 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.”
The Academy at Reno is CRG’s first venture with GMH, which was founded in 1985. The project was designed by Humphreys & Partners Architects and Clayco will serve as general contractor.
“Students can expect a truly unparalleled living experience at The Academy at Reno, and we’re excited to introduce this project into our growing student housing portfolio,” said Steve Behrle, executive vice president of development for GMH. “We were attracted to Reno for its tremendous growth opportunities. This property has the market’s best location, and we’re excited to partner with CRG as J.J. and team have developed multiple successful properties in the area over the last few years.”
This is CRG’s second student housing project to commence this summer. The firm recently announced the start of construction at The Standard at Columbia in Columbia, South Carolina, near the University of South Carolina, with co-developer Landmark Properties.
In November 2020, the firm launched a two-pronged residential development strategy to create essential housing communities in the Sun Belt region, specifically designed for the work-from-home segment, and best-in-class accommodations near Tier 1 university markets.
CRG is opening the first communities within this strategy this month, including Lakeview Green, a 118-unit, mixed-use development in Birmingham, Alabama, and Broadway Chapter, a 242-unit multifamily project in Fort Worth, Texas. The firm has an active multifamily pipeline of projects across growing states like Arizona, Georgia, North Carolina, Tennessee and Texas as well as student housing across major university towns nationwide.
“With many university communities experiencing post-pandemic surges in both enrollment and investment interest, we will continue to source and execute exciting development opportunities near those flourishing campuses as part of our $1 billion residential development strategy,” said Shawn Clark, president at 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/.
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.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations. With $3.8 billion in revenue for 2020, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential related building projects. For more information visit www.claycorp.com.