Harrisonburg, Va. — Campus Apartments has acquired Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University.
The property offers two-, three-, four- and five-bedroom units. Shared amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, shuttle to class, movie theater, full-court volleyball and a California-style swimming pool.
“We are thrilled to acquire Aspen Heights Harrisonburg,” says Mark Schundler, executive vice president of investments at Campus Apartments. “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.”
CBRE brokered the sale of the property. 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.