Park Place Reno

1651 North Virginia Street, Reno, NV, 89503, US

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Park Place Reno (“Park Place” or the “Property”), a 267 unit, 762 bed student housing community adjacent to University of Nevada, Reno (“University of Nevada,” “UNR,” or the “University”).

Park Place is 93% pre-leased as of May 2025. The Property is poised for stabilized occupancy and will benefit from enrollment tailwinds at the University. University of Nevada’s enrollment grew by 4% and 5.7% in 2023 and 2024, surpassing master plan enrollment forecasts. University leadership expects an additional 2,000+ students by 2030, and there are less than 500 capitalized beds in the development pipeline. As the #1 university in Nevada, university growth will be supported by growth to the state’s population which ranks 5th in the U.S. since 2009.

Purpose-built student housing at University of Nevada, Reno accounts for just 45.8% of total enrollment, and 56.2% of full-time students. New ownership is offered the opportunity to build upon tremendous pre-leasing velocity at the Property as the supply-demand disparity grows in the coming years.

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Attributes

Year built

2021

Number of units

267

Beds

762

Media

Investment Highlights

Premier Asset Serving University of Nevada, Reno

Park Place is one of four assets serving University of Nevada built since 2021. The Property offers modern construction and interiors, complete with a suite of amenities that rivals top properties nationwide. Additionally, the Property is across the street from campus and offers larger units than its competitive set. Park Place distinguishes itself as a top property at the University, which will drive continued leasing velocity.

#1 University in 5th Fastest Growing U.S. State Since 2009

Since 2009, Nevada’s population has grown by 1.32% per year, the 5th fastest rate in the nation. University of Nevada is the #1 ranked university in the state, and has grown enrollment by 10% over the past two years. The University announced a master plan in 2023, which included enrollment goals of 23,000 by 2025 and 25,000 by 2030. Enrollment reached 23,000 a year ahead of schedule; growing state population and significant applicant increases will support the University’s continued growth.

Undersupplied Market with Limited Development Pipeline

University of Nevada hosts 17,939 full-time students, with just 10,073 purpose-built beds on and offcampus. While the University is expected to grow by 2,000 students or more in coming years, there is just one capitalized student housing project offering 465 new beds in 2027. Supply-demand fundamentals are disparate today and will grow tighter throughout new ownership’s hold period.

93% Pre-Leased Asset

Investors are offered the opportunity to step into a core asset with excellent leasing velocity. Park Place is 93% pre-leased as of May, over 15% ahead of the Nevada market. Given the quality of the asset, strength of pre-leasing, and tightening market fundamentals, new ownership will be able to push rents in future lease-up.

Nevada Licensee

Carl Beardsley

License #: 5261