Reno, Nev. — $22 million development marks Balfour Beatty's third Public-Private Partnership project in the student housing sector to close in recent months.
Reno, Nev. — Balfour Beatty Campus Solutions has reached financial close on a new graduate and family student housing project at the University of Nevada, Reno. Balfour Beatty and its partners will design, build and finance the approximately $22 million development, which has already commenced with demolition activity and is expected to open in August 2014. The project is being designed by BLT Architects and will be built by Balfour Beatty Construction.
The development, located on Evans Avenue on the east of campus, will include 132 one- and two-bedroom units targeted at the university's graduate students and graduate students with families. The new facilities will consist of six, three-story buildings totaling 133,000 square feet and a separate community center that will house offices and common space for resident use. University Village, which was built in 1960, consisted of 40 one-bedroom units and was the only graduate housing on the University of Nevada, Reno campus, has been demolished to make way for the new development.
Structured as a public-private partnership, the project will allow Balfour Beatty Campus Solutions to finance and own the complex through a 42-year ground lease from the University. The University is expected to operate and manage the facilities through their Residential Life, Housing and Food Services group.