Reno broker transacts third student housing assembly
RENO, NV – February 12, 2020 – Cushman & Wakefield announced today it has completed the sale of Highland Ave Student Housing Assembly, four parcels next to the University of Nevada in Reno totaling 1.34 Acres (58, 702 SF) located at 433 Poplar Street, 434, 438 and 456 Highland Ave for a value of $5,300,000. The Highland Ave Student Housing Assembly transacted at $93.80 per square foot.
Randy Pease, Senior Associate, Cushman & Wakefield, represented the seller, Canon Investment Group, and the buyer was Latigo Group, a student housing and multifamily developer, who was unrepresented.
This transaction culminates in Mr. Pease’s third sale of Student Housing Assemblage. Pease specializes in off-campus, purpose-built student housing near the University of Nevada, Reno. He has played a role in the development of 1,775 student beds over the last four years and has assembled nearly 350,000 sf of land for student housing developments.
“There are no large parcels available near campus for student housing development, so assembling privately-held properties is the only way to acquire development opportunities,” Pease said.
“In this transaction, Cushman & Wakefield created value for the property owners while at the same time realizing opportunities for developers at a fair price. The property owners received above-market prices for their property, Canon Investment Group was able to achieve a very good return on its investment, and the developer was able to acquire land adjacent to campus at a price below recent similar transactions.”
“These are extremely difficult transactions to put together but keeping everyone’s interest in mind and remaining completely open and honest with all parties, we were able to create an opportunity where everybody wins,” Pease added.
There are currently 907 off-campus student housing units with 2,490 beds in the market and 3,269 off-campus beds under construction with deliveries planned between Fall this year and Fall 2022. University of Nevada in Reno has 21,003 students enrolled.