37 South AveHarrisonburg, VA 22801
CB Grand Duke
Asset ClassStudent Housing
120-UNIT / 124-BED 100% OCCUPIED VALUE-ADD OPPORTUNITY SERVING JAMES MADISON UNIVERSITY
Overview
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Copper Beech at Harrisonburg Grand Duke ("CB Grand Duke" or the "Property"), a 120-unit / 124-bed student housing community located in Harrisonburg, Virginia. The Property is pedestrian to James Madison University ("JMU"), and offers students predominantly 1-bedroom units . The unit mix is a unique differentiator since JMU is largely served by 4-bedroom units. More specifically, 1-bedroom units make up just 2% of the total off-campus student housing beds in the market. As a result, CB Grand Duke has had strong historical performance.
Investment Highlights
- Largest Supply of 1-Bedroom Units in the Market - There is a shortage of 1-bedroom units available in the JMU off-campus student housing market. Out of the 11,599 purpose-built student housing beds serving JMU, less than 3% are 1-bedroom or studio units.
- 100% Occupancy Going into the 2023-2024 Academic Year - The Property is currently 100% occupied and has achieved an average occupancy of 99% for five consecutive years. To achieve continued stabilized occupancy, the Property only has to capture 0.46% of the JMU student body population.
- James Madison University is Poised for Continued Enrollment Growth - For the Fall of 2022, JMU welcomed its largest class in history of 22,224 students and saw a 45% increase in applications year-over-year.
- Premier Location - CB Grand Duke is pedestrian to James Madison University and steps away from in-demand retailers.
- Opportunity to Increase Revenue Through A Value-Add Strategy - CB Grand Duke commands rents that are ~28% below market competitive properties. New ownership has the opportunity to renovate units and mark-to- market rents.
- Strong Student Housing Fundamentals - The student housing market at James Madison University is currently 98% occupied and achieved 4.30% rent growth year-over-year. The muted supply pipeline ensures future owners will continue to achieve consistent rent growth and stabilized occupancy.
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37 South AveHarrisonburg, VA 22801
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Listing provided by Revere CRE