The Highlands

Location: Reno, Nevada

University: University of Nevada, Reno

The Challenge

The Highlands is a 732-bed, purpose-built student housing property serving the University of Nevada, Reno campus. Campus Advantage acquired the property in 2015. The property had historically performed at the top of the market for occupancy. However, Campus Advantage planned extensive renovations and a rebrand in order to achieve increased revenue and improve the resident experience.

The Solution

Campus Advantage devised a strategic capital plan that focused on updating the unit interiors and the building exteriors, and repurposing the amenity space to include an expansive clubhouse, a Fitness On Demand room, and an outdoor kitchen. The upgrades were completed over the course of 10 months — two months ahead of schedule.

At the time of acquisition, no marketing materials were provided, and the logo for the property incorporated the parent company’s logo heavily — a design that would need to be changed after purchase. Campus Advantage enlisted the help of Catalyst, their marketing partner, to assist with all rebranding efforts. Catalyst team members visited the site and spoke with both residents of the property and University of Nevada, Reno students to determine sentiment in the market and further research the marketplace.

Catalyst created a new logo that incorporated local geography without alienating the young student audience. Additionally, a mood board was created to demonstrate the look and feel of the property, and creative and digital marketing materials were created, including a brand guide, a brochure, a sales sheet, a paper system, a temporary website and a new website, social media graphics, an email template, and email campaigns.

The Results

Following strategic capital upgrades and rebranding, The Highlands saw 6.6% rent growth in year one and 10.1% rent growth in year two. The property maintained 100% occupancy and a 40% retention rate year over year until it was sold in May 2021.

• Acquisition Date: January 2015
• Loan-to-Cost: 62%
• MOIC: 4.03x
• Strategy: Core Plus
• Sale Date: May 2021
• Sale Price: $79,800,000

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