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

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.