By John Seelmeyer
UNR won’t buy the Ponderosa Village graduate student housing complex after all.
Balfour Beatty plc, the British company that owns the apartment complex, withdrew its offer to sell it. The withdrawal came shortly before the Nevada Board of Regents was scheduled to make a decision on the deal.
UNR planned to pay no more than $23.8 million for Ponderosa Village, which includes 95 two-bedroom and 73 one-bedroom units. An independent appraisal pegged the value of the complex at $24 million.
Balfour Beatty opened Ponderosa Village on university-owned land in 2014. As part of the original agreement, the university had first dibs on purchasing Ponderosa Village if Balfour Beatty decided to sell.
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The university planned to pay for the acquisition through a loan that would be repaid by apartment rents.
John Seelmeyer is a business writer and editor in Reno. In his 40-year career, he has edited publications in Nevada, Colorado and California and written several thousand published articles about business and finance.