JV Equity & Bridge Loan
185-Bed Student Housing
HRC arranged $33,150,000 of joint venture equity and bridge financing for the acquisition of Wolf Run Village and Wolf Run East at the University of Nevada, Reno. On behalf of a Newport Beach based client, Highland placed the JV equity with a well known student housing investor and the senior financing with a debt fund. Proceeds were used to acquire the property and complete roughly $2,000,000 of capital improvements to reposition the asset as a premier housing option for students attending UNR.
Wolf Run Village is a vintage 1996 built, 37-unit, 185-bed townhome style property with the opportunity for significant interior and exterior improvements. Wolf Run East is a newly constructed state of the art student housing complex with 105 units and 210 beds. Sponsor plans to enhance the common area amenities with a gym, outdoor seating areas, fire pits, and an indoor rec area. The acquisition also included an adjacent 5.3-acre land parcel with the ability to develop up to 155 units.