Campus Apartments Acquires 600-Bed Property Near James Madison University
PHILADELPHIA – December 2, 2020 – Campus Apartments has acquired Aspen Heights Harrisonburg, a 600-bed cottage-style community located in Harrisonburg, Virginia. Built in 2013, the asset provides off-campus housing for students attending James Madison University. “We are thrilled to acquire Aspen Heights Harrisonburg,” said Mark Schundler, Executive Vice President of Investments. “The asset has a tremendous track record of strong occupancy and rent growth, and it has proven to be remarkably resilient during the pandemic. We’re very excited about its long-term potential.” Aspen Heights is currently 100% occupied and is already 95% preleased for Fall 2021, significantly outpacing its market. The property offers generous cottage-style floor plans, luxury unit finishes, and a centrally-located amenity infrastructure. Looking forward, Campus Apartments intends to rebrand the property and implement a light value-add plan that will entail enhancements to both the clubhouse and exterior amenity areas, further cementing its best-in-market standing.
