North Beacon Capital Acquires Squire Hill Apartments From The Michaels Organization For $44.5M

The transaction involved the sale of Squire Hill Apartments, a student housing complex located at 1443 Devon Lane in Harrisonburg, VA. The asset comprises 504 beds across 189 units, with a sale price of $44,500,000 and a price per unit of $88,294. The property is situated near James Madison University and includes various amenities such as a fitness center, pool, study area, and dog park.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $44,500,000
• Buyer: North Beacon Capital
• Seller: The Michaels Organization
• Broker: Jack Stead - Northstar REIS
• Units: 504
• Price Per Unit: $88,294

Northstar REIS facilitated the transaction, representing the sale of the property from The Michaels Organization to North Beacon Capital. This deal underscores the involvement of key market players in the student housing sector, particularly in regions with strong demand for such accommodations.