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12/23/16
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SmartStop Asset Management LLC facilitated the acquisition of The Summit, a 186-unit, 709-bed Class “A”, purpose-built student housing community located adjacent to the University of Nevada, Reno (UNR) campus. The asset was acquired by a SmartStop affiliate for approximately $70 mil.
Located one block from the UNR campus at 2780 Enterprise Rd, The Summit is a seven-building property that sits on 8.95 acres and totals approximately 237.5k sf of space. The units are fully furnished and include energy-efficient appliances, ensuite washer and dryer, interior condominium finishes with granite countertops, pendant lighting, espresso finish cabinets and wood vinyl plank flooring.
In addition, The Summit offers vast amenities including a two-story clubhouse with fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, common area barbecues, tanning room, security, 14 private study rooms, covered parking, gated access and covered bike storage areas.
The Summit, currently 99% occupied, is LEED Silver Certified and offers many green amenities such as energy-efficient HVAC, high-grade air filters, drought-tolerant landscaping and energy efficient lighting. In addition, the property offers +1 Gigabit of bandwidth capacity so students have the benefit of fast and reliable Internet connectivity and ability to stay connected to multiple devices to support their academic needs.
John Strockis with SmartStop Asset Management facilitated the transaction on behalf of the buyer.
“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,” said H. Michael Schwartz, chairman and CEO of SmartStop Asset Management.
“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,” said Strockis. “In addition, this newly constructed property is currently benefiting from the strong economic expansion in greater Reno.”
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