JMG Realty Moves out of VA Luxury Student Housing

JMG Realty sold North 38, a 228-unit, 816-bed luxury student housing community at James Madison University in Harrisonburg, Va.

by Beata Lorincz

North 38 in Harrisonburg, VA

North 38 in Harrisonburg, VA

Chain Bridge Capital has purchased North 38, an 816-bed luxury student housing community in Harrisonburg, Va., from JMG Realty. CBRE National Student Housing facilitated the transaction on behalf of the seller.

The 228-unit garden-style community at James Madison University (JMU) was built in 2009 and sits on a 19-acre parcel. The property comprises 19 three-story residential buildings, as well as a leasing office and clubhouse. Community amenities include:

  • resort-style pool
  • sundeck
  • gazebo with outdoor fire pit
  • fitness center
  • private shuttle service to JMU

North 38 at JMU 

CBRE’s team included Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Robert Dean III, while Carl Olzawski and Richard Hart of Chain Bridge Capital acquired the asset for an undisclosed price.

“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 Vonderfecht, associate director of National Student Housing at CBRE, in prepared remaks.

Last February, JMG Realty acquired Highlands Viera West, a 14.8-acre Class A community in Brevard County, for $42 million.

Image courtesy of CBRE

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