Auction scheduled for University Fields Apartments, a 228 unit student housing property on 23 acres in Harrisonburg, VA


Auction scheduled for University Fields Apartments, a 228 unit student housing property on 23 acres in Harrisonburg, VA
By Scott Rogers • September 23, 2013
In another interesting twist to our oversupplied student housing market, a 228-Unit Student Housing Property just off Port Republic Road may be auctioned off this week. Here is an overview of the opportunity via Auction.com.... Auction.com presents the opportunity to acquire a non-performing loan secured by University Fields Apartments, a 288-unit / 1152-bed multifamily complex located in Harrisonburg, Virginia that caters to the student demand from James Madison University (enrollment of 19,000). Built in two phases, Phase I in 1989 and Phase II in 1997, and later renovated in 2004, the property consists of 22 three-story buildings situated on 23.55 acres. Amenities include an outdoor swimming pool, a fitness center, tennis court, a cyber cafe with WIFI, and a clubhouse. The units feature fully-equipped kitchens, a full size washer and dryer, walk-in closets, mini-blinds, high-speed internet access, vaulted ceilings, and both balconies and patios with storage. Centrally located in the historic and scenic Shenandoah Valley in west-central Virginia, Harrisonburg is served by Interstate 81 and is located approximately 110 miles north of Roanoke, 125 miles west of Richmond and 125 miles southwest of Washington, D.C. A few other interesting tidbits: This complex includes 288 units in 22 buildings on 23.55 acres. The non-performing loan has a balance of $23,743,918. The complex is only 55.68% occupied. The Net Operating Income was $1,693,390 as of 12/31/2012. Bidding starts today at $8,000,000 and ends on Wednesday. View more details here at Auction.com. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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