Developer Balfour Beatty has reached financial close on a $22 million student housing deal with the University of Nevada, Reno, according to a press release.
Publicly traded Balfour, via Balfour Beatty Campus Solutions, will design, build and finance the project, which is expected to be completed by August 2014.
Reno will get six, three-story buildings totaling 133,000 square feet and 132 one- and two-bedroom units, as well as a community centre for resident use. The University demolished an assortment of dormitories dating back to 1960 to make space for the development.
The company will construct the buildings, which are being designed by BLT Architects. Balfour will “own and lease” the properties in a 42-year public-private partnership (PPP; P3), the press release noted.
Pennsylvania-headquartered Balfour Beatty Campus Solutions is a P3 developer dedicated to creating and operating infrastructure specifically for colleges and universities.
In 2013, the company has agreed to erect dorms and buildings for Lake Forest College, Texas A&M University, the University of West Florida, Tarleton State University and the University of Iowa.
In August, UK-based Balfour Beatty, which is listed on the London Stock Exchange, posted a first-half 70 percent profit decrease.