Student Housing Case Study: The Highlands
Location: Reno, Nevada
University: University of Nevada, Reno
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.
Campus Advantage devised a strategic capital plan which 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. Following these strategic upgrades, The Highlands saw 6.6% rent growth in year one and 10.1% rent growth in year two. The property has maintained 100% occupancy and a 40% retention rate year-over-year.