Living / Multi-housing

Squire Hill Apartments

1443 Devon Ln Harrisonburg, Virginia United States 22801-5203
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Year Built 1975
Building Area Net
Land Area Net ()
Rentable Area
Number of units 189
Occupancy 99.0 %

Property 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. 

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)
Last Updated Date: 28 Nov 2022

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Last Updated Date: 28 Nov 2022

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