Living / Multi-housing

Squire Hill Apartments

1443 Devon Ln, Harrisonburg, VA, 22801-5203, US

Executive Summarydownload
Squire Hill Apartments_Property for Sale

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Squire Hill Apartments 2_Property for Sale

Asset description

Jones Lang LaSalle (“JLL”) is pleased to present the opportunity to acquire Squire Hill Apartments (the “Property”) a highly amenitized, 99.2% occupied asset with 189 units and 504 beds at James Madison University in the picturesque college town of Harrisonburg, Virginia. Well-located approximately 0.8 miles from campus, Squire Hill is steps away from a JMU bus line providing residents with access to campus and downtown Harrisonburg within 10-minutes time. The opportunity offers investors significant value-add upside as current rents are $230+ per bed behind the competitive set. Additionally, there is attractive assumable Fannie Mae financing. 

Attributes

Number of units
189 units
Occupancy
99.00%
Year built
1975
Building area Net
210,915 sf
Land area Net
16.92 acres (737,035 sf)

Investment highlights

  • Newly Updated Clubhouse in 2019 and fully renovated floor plan modifications completed in 2000s
  • Stabilized asset with 10-year historical occupancy of 99.5% in a high barriers to entry market
  • Ability to implement Value-Add Strategy to interior units and increase rents more than $230/bed
  • Attractive Fannie Mae Loan with a remaining loan balance of $25.4M at a Fixed Rate of 3.86%
  • Offered at a ~30% discount to replacement cost, Squire Hill is well-located 0.8 miles to campus and adjacent to a JMU bus line
  • A true college town, James Madison University has an estimated Fall 2022 enrollment of 22,166 students and is ranked #2 in the Nation for Public Schools (U.S. News & Report)
Squire Hill Apartments 4_Property for Sale
Squire Hill Apartments 4_Property for Sale

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Last updated
Nov 28, 2022