CRG, the real estate development and investment arm of Chicago-based Clayco, announced July 15 construction has begun for The Academy at Reno, a 12-story, 755-bed student housing development at 1461 N. Virginia St., across the street from the University of Nevada, Reno. GMH Communities and Canyon Partners Real Estate are partners on the opportunity zone project, according to a press release. CRG and GMH secured joint venture equity this month from Canyon; Citizens and Nevada State Bank provided the construction loan. According to a July 15 story from the Reno Gazette Journal’s Jason Hidalgo, Canyon is investing $36.2 million on the project; the construction loan was for $75.2 million. The project, which CRG bills as “Reno’s first high-rise student housing complex,” was designed by Humphreys & Partners Architects, and Clayco will serve as general contractor. “We’re thrilled to team with both Canyon and GMH, one of the original pioneers of student housing, to bring this best-in-class property to the students of the University of Nevada, Reno,” J.J. Smith, CRG’s managing partner and residential group leader, said in a statement. “As the market’s first high-rise, Academy at Reno will stand out from its competitors with an unmatched amenity package featuring floor-to-ceiling windows and commanding views of the mountains and campus.” The project will offer a mix of 1- to 5-bedroom apartments and nearly 2,400 square feet of retail space, according to the press release; completion is slated for fall 2023. “We were attracted to Reno for its tremendous growth opportunities,” Steve Behrle, executive vice president of development for GMH, said in a statement. “This property has the market’s best location, and we’re excited to partner with CRG as J.J. and team have developed multiple successful properties in the area over the last few years.”
