Article Student Living Lands Refi for 636-Bed Community
JLL arranged the loan.
Article Student Living has obtained refinancing for HERE Reno, a 182-unit, 636-bed student housing community in Reno, Nev. JLL arranged the three-year, floating-rate loan through PPM America.
The firm took out a $37.5 million loan from PPM, which is an indirect wholly owned subsidiary of Jackson Financial Inc., Washoe County public records show.
CA Student Living Properties completed the community in 2022 backed by a $45.1 million construction loan originated by Texas Capital Bank in 2020, Yardi Matrix information shows. In November 2023, the firm was acquired by QuadReal, Article Student Living becoming the surviving entity.
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Located at 920 Evans Ave., the property is adjacent to the University of Nevada at Reno campus and less than 1 miles from Mackay Stadium. Downtown Reno is also within walking distance, while Reno-Tahoe International Airport is 5 miles southeast.
The seven-story building comprises studios and one- to five-bedroom floorplans ranging between 389 and 1,462 square feet. The fully furnished apartments have washers and dryers.
Common-area amenities include a fitness center, study lounge with private rooms, hot tub and sun deck, coffee and breakfast bar, as well as a lawn with fire pit and grilling area. The community also has a club room with kitchen, gaming zone and a club lounge.
Last year, University of Nevada at Reno recorded an enrollment of 23,029 students, reflecting a 5.4 percent rise year-over-year, according to the university’s website. A total of 11 properties totaling some 5,900 beds serve the school, Yardi Matrix information shows.
University of Nevada’s 2025 academic year
University of Nevada at Reno posted a 44.1 percent preleasing rate as of January, marking a 14.3 percent increase year-over-year, according to the latest Yardi Matrix student housing report. However, that number was still below the 54.6 percent average for the Yardi 200 schools.
Last month, a joint venture of Canyon Partners Real Estate, GMH Communities and CRG obtained $78.5 million in refinancing for The Dean Reno, a 773-bed student community in Reno. That property is less than a mile from HERE Reno.
