Student housing parcels near UNR sold for $5.3 million
RENO, Nev. — Cushman & Wakefield recently completed the sale of a four-parcel piece of land next to the University of Nevada, Reno for $5.3 million.
According to a Feb. 12 press release from the company’s Reno office, the parcels at 433 Poplar St. and 434, 438 and 456 Highland Ave. — known as “Highland Ave Student Housing Assembly” — encompass 1.34 acres, or 58,702 square feet. The sale price equates to $93.80 per square foot.
Randy Pease, Senior Associate with Cushman & Wakefield, represented the seller, Canon Investment Group, in the transaction. Latigo Group, a student housing and multifamily developer, was the buyer.
According to the Feb. 12 release, it marks the third sale in recent years of student housing assemblage for Pease, who’s has played a role in the development of 1,775 student beds over the last four years and has assembled nearly 350,000 square feet of land for student housing.
“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 a statement. “In this transaction … 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.
“I point out many cases of where privately owned companies do just as bad a job as publicly owned companies,” says Reno resident and former teacher Robert (R.D.) Gardner.