Intrinsic Value

Purchase price below replacement cost and appraised value.

Upside Potential

The potential to convert prevailing lease terms from semester-long to 12-month terms provides an opportunity to significantly increase revenue without any capital expenditure.

Property Fundamentals

Proximity to Campus – Located four blocks from JMU, the property is the best-located student housing project in the market. This proximity provides a distinct competitive advantage in that it allows for easy pedestrian traffic to and from the campus.

Market Fundamentals

Limited Supply – JMU’s capacity sufficient to house only 40% of its students. Purpose-built student housing projects (including the property) provide an additional 5,800 beds, with average vacancy rates below 2%. The balance of demand is served by private houses, condos and small apartment complexes.
Barriers to Entry – lack of available zoned land creates a barrier to entry in the market. City planners have indicated any re-zoning requests would be met with strong resistance from the community.