Reno Student Housing Project Brings Trades

RENO, NV—CBRE's National Student Housing Team and CBRE Reno's Aiman Noursoultanova have arranged the sale and financing of a class A, newly constructed 704-bed student housing project known as the Sterling Sierra.

The property, owned by the Dinerstein Companies and Harrison Street Real Estate Capital, sold to a private Seattle- based buyer, Horizon Realty Advisors. The price was not given, but is said the highest paid per-unit and bed for a student housing property in the Reno market to date. CBRE noted a very robust level of interest from the investment community on this asset due to the University of Nevada, Reno's strong growth.

“This asset brings a new level of sophistication to the Reno student housing market with its beautiful design and full-scale range of amenities ranging from private and group study spaces equipped with Apple and PC computers and complimentary Wi-Fi access, to a pool courtyard featuring covered cabanas, a sound system, and tanning terraces,” said Noursoultanova.

“With the University of Nevada, Reno's enrollment having reached 20,000 students just thisfall, this property is uniquely-positioned to capitalize on the local market's growth and momentum. The environmentally conscious property appeals directly to millennials, as evidenced by being 100% leased at the time of sale.”

Sterling Sierra was completed in August of 2014 and is the closest institutional-quality student housing property to the University of Nevada Reno location, giving residents the ability to walk, bike or ride the shuttle to the growing campus. The property offers a diverse unit mix and floor plans with two, three, four, and five bedroom unit types with 100% bed/bath parity. The property is also finalizing its LEED Silver Certification, making it the only environmentally conscious property of its kind in the market.

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