Michaels Acquires 504 Bed Off Campus Student Housing Community In Harrisonburg Va
FILED TO: Uncategorized
The Michaels Organization in conjunction with its joint venture partner Capital Solutions has completed the acquisition of Squire Hill, an off-campus student housing community located within a half mile from James Madison University.
James Madison is experiencing record application and enrollment growth; the University welcomed its largest freshman classes in history in 2022 and 2023. The community has enjoyed 95 percent occupancy over the past five years and is considered one of Harrisonburg’s premier student housing communities.
“With the acquisition of Squire Hill, Michaels has the opportunity to implement sophisticated student housing policies to enhance the resident experience, operations and the community for James Madison students,” said Kevin Gates, Vice President of Funds & Portfolio Management for The Michaels Organization. “Our acquisition plan for this community also includes significant renovations specifically to the unit interiors and amenity spaces, which will enhance the overall living-learning experience for our residents.”
The garden-style community – originally developed in 1975 and fully renovated in 2004 – comprises 189 units and 504 beds available in one- to four-bedroom layouts with popular amenities including a resort-style pool, fitness center, and a fully renovated clubhouse.
Michaels’ plans for interior renovations of Squire Hill include the replacement of appliances with stainless steel, resurfacing cabinets, adding surface countertops, updating lighting throughout, replacing bathroom vanities, and adding modern fixtures. Bedrooms and common areas will also be furnished with vinyl flooring applied throughout.
Renovations will take place over the first few years, with management optimizing breaks in the academic year so as to not disturb student residents.
Terms of the transaction were not disclosed.
Back to News Next article
