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8/09/18
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Academy West Investments (AWI), out of Orange County, has acquired Wolf Run Village and Wolf Run East, a residential housing complex located at the University of Nevada, Reno. The purchase was funded with $33.1 mil in joint venture equity and bridge financing arranged by El Segundo-based Highland Realty Capital.
The property, comprised of 142 units and 395 beds, is situated two blocks from the campus, on the southeast side. The acquisition also included an adjacent five-acre parcel allowing for the potential development of an additional 155 units and 310 beds.
AWI was attracted to the acquisition as it provided a strong value-add opportunity to renovate the 37-unit, 185-bed, 20-year-old Wolf Run Village with a comprehensive interior and exterior improvement plan. The newer Wolf Run East, completed late for the 2017 school year, will be enhanced with common area amenities including a gym, outdoor seating areas, fire pits and indoor rec area.
“AWI got involved in the leasing activities during escrow as the preleasing was lagging the market, ultimately bringing it to 99% occupied for the upcoming school year,” said Mike Guterman, principal at HRC who handled the assignment.
The $26 mil of senior financing was provided by a debt fund in the mid-300’s above LIBOR, while Chicago-based Blue Vista Capital Management provided the JV equity. This was Academy West’s second acquisition in the past week, having closed on the 129 -unit, 438-bed Buckingham in Chicago’s South Loop at a price in the mid-$70 mil range.
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