RENO, NV—CBRE's National Student Housing Teamand CBRE Reno's Aiman Noursoultanova have arrangedthe sale and financing of a class A, newly constructed704-bed student housing project known as theSterling Sierra.
The property, owned by the Dinerstein Companiesand Harrison Street Real Estate Capital, sold to aprivate Seattle- based buyer, Horizon RealtyAdvisors. The price was not given, but is said the highestpaid per-unit and bed for a student housing property in the Renomarket to date. CBRE noted a very robust level of interest from theinvestment community on this asset due to the University ofNevada, Reno's strong growth.
“This asset brings a new level of sophistication to the Renostudent housing market with its beautiful design and full-scalerange of amenities ranging from private and group study spacesequipped with Apple and PCcomputers and complimentary Wi-Fi access, to a poolcourtyard featuring covered cabanas, a sound system, and tanningterraces,” said Noursoultanova.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
