Canyon Partners JV Lands $79M Refi for Nevada Student Housing
The Dean Reno is the city’s first student housing high-rise property.
A joint venture of Canyon Partners Real Estate, GMH Communities and CRG has secured a $78.5 million refinancing note for the 773-bed The Dean Reno, a student housing community serving the University of Nevada in Reno, Nev. Northmarq arranged the financing.
Previous debt included a construction loan amounting to $75.2 million issued by Citizens Financial Group and Nevada State Bank in 2021. The venture formed that same year with Canyon investing $36.2 million in equity for the opportunity zone development.
The 2023-completed community rises 12 stories and is located at 1475 N. Virginia St. The development marks Reno’s first student housing high-rise. The University of Nevada, Reno and the Rancho San Rafael Regional Park are all within walking distance.
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The Dean Reno includes a mix of one- to five-bedroom floorplans averaging 1,209 square feet. The Fitwel-certified property features a swimming pool, two courtyards on the fourth floor, an entertainment area and a gym.
Northmarq Managing Director Justin Glasgow led the team that arranged the financing on behalf of the joint venture.
Canyon student housing ventures
Canyon has been recently active in the formation of joint ventures to capitalize on student housing development. Last September, the company joined The Martin Group and Valiance Capital to build The Valiant, a 262-bed student housing project near the University of California at Berkeley.
One month before that, Canyon teamed up with Portman, 908 Group and PTM Partners to develop The Hall, a 674-bed development on the Florida State University campus. Pacific Life Insurance Company originated a $73.3 million construction loan.
University of Nevada enrollment data
The University of Nevada, Reno’s enrollment headcount clocked in at 23,029 students in 2024, posting a 5.4 percent increase year-over-year, according to the university’s site. About 5,900 beds across 11 properties serve the University, Yardi Matrix data shows.
Despite the 2024 enrollment boost, preleasing for Fall 2025 reached 31.0 percent in December, trailing the Yardi 200 average of 44.7 percent, a Yardi Matrix report shows.
