Reno Student Community Scores $70M

With this purchase, SmartStop adds its first student housing asset to its self-storage portfolio
The Summit

The Summit

Reno, Nev.—SmartStop Asset Management LLC, a diversified commercial real estate company focusing on self-storage, student housing and senior housing, has announced that it has arranged the purchase of The Summit, a 186-unit, purpose-built student housing community adjacent to the University of Nevada, Reno (UNR) campus, for $70 million. John Strockis, senior vice president of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate. At the time of the deal, the property was 99 percent occupied.

“We are pleased to have acquired our first student housing property with the goal of expanding our commercial real estate portfolio to include not only high-quality, self-storage assets, but also student and senior housing investment opportunities,” Michael Schwartz, chairman & CEO of SmartStop Asset Management, said.

Located at 2780 Enterprise Road, one block away from the UNR campus, the property consists of seven buildings that occupy roughly 9 acres of land and feature approximately 237,547 rentable square feet. The fully furnished units include energy-efficient appliances, en-suite washer and dryer, interior condominium finishes with granite countertops, pendant lighting, espresso finish cabinets and wood vinyl plank flooring. Property amenities include a two-story clubhouse with fitness center, game lounge, pool with spa, business center, 14 private study rooms and covered parking. The Summit is LEED Silver-certified and features a plethora of green amenities such as energy-efficient HVAC, high-grade air filters, drought-tolerant landscaping and energy-efficient lighting.

“The state-of-the-art architectural design offer students a sense of community and connectedness that will make this property attractive to student/residents for many years to come. In addition, this newly constructed property is currently benefiting from the strong economic expansion in greater Reno,” John Strockis, senior vice president of acquisitions for SmartStop Asset Management, said in a prepared statement.

Image via Google Maps, courtesy of user Sterling Summit