Pheasant Run Townhomes is a college rental community comprised of 143 townhouses. Of those 143 townhouses, 103 are corporately owned and 40 are privately owned.  The privately owned townhouses have recently been selling in the $140K's....



The latest news is that the 103 townhouses that are corporately owned sold for $10,425,000 on December 18, 2015 to TRP Pheasant Run Manager LLC, a company affiliated with Thalhimer Realty Partners, which is a subsidiary of Cushman & Wakefield/Thalhimer.

As per today's article in the Daily News Record....

Matt Raggi, a vice president with Thalhimer Realty Partners, said the company will operate the property. It owns and operates almost 4,000 apartment units in Virginia and the Carolinas, including student markets such as Richmond, Norfolk and Chapel Hill, N.C.

Pheasant Run is the company’s first acquisition in Harrisonburg.

"We like JMU. We like the Harrisonburg market," Raggi said. "We think JMU is going to continue to grow. We're long-term investors, so we see long-term value in Harrisonburg and JMU."

Local company Pheasant Run Townhomes LLC owned and operated the property, which was developed in phases between 1999 and 2003.

Absent any major changes in strategy by the new corporate owner (which seems unlikely) I anticipate that the 40 privately owned townhouses will continue to sell for similar prices as they have in the recent past, and that the community will remain a good option for investors looking to purchase a student housing rental property.

Find out more about Pheasant Run at HarrisonburgInvestmentProperties.com.