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.

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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.

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“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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“With the University of Nevada, Reno's enrollment having reached20,000 students just thisfall, this property isuniquely-positioned to capitalize on the local market's growth andmomentum. The environmentally conscious property appeals directlyto millennials, as evidenced by being 100% leased at the time ofsale.”

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Sterling Sierra was completed in August of 2014 and is theclosest institutional-quality student housing property to theUniversity of Nevada Reno location, givingresidents the ability to walk, bike or ride the shuttle to thegrowing campus. The property offers a diverse unit mix and floorplans with two, three, four, and five bedroom unit types with 100%bed/bath parity. The property is also finalizing its LEEDSilver Certification, making it the only environmentallyconscious property of its kind in the market.

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Sterling Sierra is characterized by its urban architecture anddécor. An elaborate and expansive clubhouse with a one-of-a-kindindoor/outdoor game room with retractable walls providesunobstructed access to a large pool deck. The club lounge featuresa refreshment bar, a TV wall, two arcade games, a pool table, pokertable, ping-pong table, tanning domes, private study rooms, aspacious computer center and a large fitness center. Residents canalso enjoy the moderate climate at the property's pools withtanning terraces and covered cabanas, as well as an open courtyard.All common areas offer complimentary Wi-Fi, and covered parking isavailable for an additional charge.

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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.