Sterling University Housing has just broken ground on a new private student housing project at UNR. Located at 2399 Valley Road at Enterprise, it is just east of the medical school.
With a construction loan of $26M, the project value is probably closer to $35M. I heard the term “high-rise” from the construction crew, and a total of 900 beds, mostly in 4 room suites. That’s pretty dense for an 8 acre site.
Sterling also developed the adjacent Highlands student housing project in 2004, but sold it off to the current owner. It is somewhere near 800 beds in 24 buildings on a 16 acre site with a LOT of parking. Some scathing REVIEWS!
Sterling seems to have a nice product, if you look at their portfolio But yeow, expensive! About $650 per month for a bedroom in a 4-plex and up to $1100 for a single one bedroom unit. And that’s on an annual lease, not on a 9 month school schedule.
My only complaint is the site. It continues the trend of locating the residential core of the university away from the social and commercial core along 9th Street and N Virginia. It makes the prospect of the Gateway Project between the University and Downtown ever happening pretty grim, and will reduce development pressure to upgrade the West University Neighborhood. The 2 acre full city block at 6th and Sierra would have been my ideal site. But this a private development, UNR had no say in its siting or design. So welcome to the neighborhood.