Wolf Run student housing complex near UNR sold for $35.5 million
RENO, Nev. — Wolf Run Village and Wolf Run East has been sold for $35.5 million to a student housing group located in Southern California.
Academy West Investments, based in Aliso Viejo, California, was the buyer, according to media reports published this week.
Highland Realty Capital secured joint venture equity and bridge financing totaling $33.1 million for acquisition of the property, according to an Aug. 2 report from Student Housing Business.
An undisclosed debt fund reportedly provided the $26 million senior financing, and Chicago-based Blue Vista Capital Management provided joint venture equity.
According to an Aug. 10 press release from Dickson Commercial Group, the total price tag was $35.5 million. Trevor Richardson, multifamily specialist from DCG, represented the seller — Wolf Run LLC — based out of Anchorage, Alaska, who was the original developer and builder.
Located east of the University of Nevada, Reno campus, Wolf Run Village and Wolf Run East portfolio has a total of 142 student-only units with 395 beds and 5.3 acres of additional land development.
Wolf Run East, completed in 2017, consists of seven three-story buildings with 15 apartments per building on 4.15 acres. These buildings feature modern construction, in-unit laundry and furnished common areas. Wolf Run Village, constructed in 1996, features 37 five-bedroom, five-bath townhomes on 4.36 acres.
According to reports, Academy West Investments plans to enhance Wolf Run East “with new common area amenities including a gym, outdoor seating areas, fire pits and an indoor recreational area.”
A timeline for renovations has yet to be announced.
To qualify, an applicant’s ranch or farm must have belonged to his or her family for at least 100 years and must be a working ranch or farm with a minimum of 160 acres. Operations with fewer than 160 acres must have gross yearly sales of at least $1,000.