CBRE National Student Housing Coordinates Sale of North 38, an 816-Bed Student Housing Community at James Madison University

17 Jan 2018

North 38

CBRE National Student Housing announces the sale of North 38, an 816-bed, 228-unit luxury student housing community in Harrisonburg, Virginia. The asset was purchased by Carl Olzawski and Richard Hart of Chain Bridge Capital from JMG Realty for an undisclosed price.

CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Robert G. Dean III arranged the transaction on behalf of JMG Realty.

Built in 2009, the garden-style community sits on 19.04 acres and consists of 19 three-story residential buildings, and a leasing office and clubhouse. Community amenities include a resort-style pool with a fountain and sundeck, a gazebo with an outdoor fire pit, a state-of-the-art fitness center, and private shuttle service to James Madison University (JMU).

“With strong enrollment fundamentals at JMU and well-maintained, premium amenities that exceed those offered by competitors in the market, this asset represents an exceptional opportunity for the buyer,” said Jaclyn Fitts, Director of National Student Housing at CBRE. “North 38 is primed for future strong occupancy and rental growth.”

“JMU boasts more than a decade of consistent enrollment growth and is projecting continued growth through 2021, which is driving Harrisonburg to be one of the fastest pre-leasing markets in the United States,” said William Vonderfecht, Associate Director of National Student Housing at CBRE.

James Madison University currently enrolls more than 21,000 students and is expected to reach 23,000 by 2021. Among many honors, JMU was named one of the country’s most environmentally responsible colleges by The Princeton Review and ranked second among the South’s “Top Public Schools” by the U.S. News & World Report.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.