JMG, Trident Purchase James Madison Community

North 38 is an 816-bed property.

MM-North38-webHarrisonburg, Va. — A joint venture between Atlanta-based JMG Realty and New York-based Trident Partners has acquired North 38, a 228-unit student housing complex in Harrisonburg. The 816-bed property, which was built by Wood Partners in 2009, sold for $32.75 million or $40,135 per bed. Located at 1190 Meridian Circle, the 19-acre property offers 96 three-bedroom units and 132 four-bedrooms that are fully furnished and leased by room. Community amenities include a resort-style pool, a fitness room, tanning beds, a spa, a ping-pong table, a garden, a game room with billiards, a computer lounge, basketball courts, barbecue grills and a clubroom. The property, which was 94.6 percent occupied at the time of closing, caters to James Madison University. Peter Katz of Institutional Property Advisors and Henry Schuldinger of Marcus & Millichap represented the sellers, a joint venture between Wood Partners, Franklin Holdings and KeyBank. Katz also represented the buyer in the transaction.

— Amy Bigley

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