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Canyon Partners Real Estate, through a joint venture with GMH Communities and CRG, has invested $36 million in a student housing development located in a Reno opportunity zone. The building will include 755 beds, and is expected to be ready for the start of the 2023 school year.
The 12-story building, dubbed The Academy at Reno, will be located near the main entrance to campus and will include a number of amenities in addition to the student housing. UNR has a student population of approximately 21,000, including nearly 5,000 out-of-state students. Only about 3,100 students live on campus each semester according to the university.
Reno is home to seven opportunity zones, including nearly all of the UNR campus. The median household income for these census tracts is approximately $33,000, compared to $63,000 for Nevada as a whole.
This project is Canyon’s ninth investment in opportunity zones, with a total commitment of more than $700 million.