600 Bed Student Housing Development In Rockingham County Sold For $39.8 Million
Scott P. Rogers
As detailed in the Daily News Record ("National Firm Buys Aspen Heights, Plans Rebrand") the 600 bed student housing development on Port Republic Road in Rockingham County - just outside the City of Harrisonburg - has been sold to Campus Apartments, a large student housing company that owns over $2 billion dollars of assets, near more than 50 colleges and universities in 15 states! Wow!
Looking at the raw numbers...
- $39.8 Million / 600 beds = $66,333 per bed
- Rent ranges from $599 - $709 per bed, so let's average that at $650 per bed.
- $650 per bed per month x 600 beds x 12 months = a potential of $4.68M of rental income per year
Aspen Heights is located here.
Read more in the Daily News Record article.
