Canyon Partners Real Estate with GMH Communities (GMH) and CRG are jointly investing in 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.
This project marks Canyon's ninth joint-venture equity investment in qualified opportunity zones, capitalizing more than $700 million of real estate development projects. The project was designed by Humphreys & Partners Architects, and Clayco will serve as general contractor.
