Prime Student Housing Development Opportunity near James Madison University
Property Overview
We are pleased to offer a 5.438-acre parcel of land, rezoned to high-density residential (R-5), ideal for a student housing development. This prime property is strategically located adjacent to James Madison University’s Sentara Park and less than a mile (9/10) from JMU’s main entrance, making it an attractive choice for student accommodations.
Project Concepts
Two previously submitted and city-approved project highlights the development potential:
Original Concept - City-approved plans, owned by the landowner, highlight the property's exceptional development potential and provide a streamlined path for future projects.
- 460 Beds: 24 two-bedroom units and 103 four-bedroom units.
- Building Design: Single Building six-story structure fronting Peach Grove Avenue and the property’s access road.
- Parking: 410 on-site spaces.
Latest Concept - The project, submitted and approved by the city, features plans owned by a separate party, showcasing the property’s significant development potential.
- 341 Beds: Two Buildings - 95 one-bedroom, 14 two-bedroom and 58 four-bedroom units.
- Building Design: Two Buildings five-story structures.
- Parking: 364 on-site spaces.
Approvals & Documents
- Zoning: R-5 (Residential). Two special use permits were approved to allow buildings exceeding 4 stories and 12 units per building; however, the current status of these permits needs confirmation.
- Site Plans: Original Concept approved by the city on August 17, 2020. Updated but requires resubmission.
- Architectural Drawings: Original Concept city-approved on September 9, 2020, needing updates and resubmission.
- Topographical Survey: Completed October 27, 2019.
- Alta/NSPS Land Title Survey: Conducted February 11, 2021 & December 2024.
- Phase I Environmental Site Assessment: Clean report dated October 22, 2020.
- Geotechnical Exploration Report: Completed November 8, 2019.
Investment Highlights
- Prime Location: Adjacent to JMU’s Sentara Park, ensuring high visibility and accessibility for students.
- Flexible Development Potential: Leverage existing plans or bring your own high-density residential concept to life.
- Turnkey Opportunity: Extensive groundwork with zoning, surveys, and environmental clearances in place.
Offering Price: $4,500,000
This exceptional property represents a rare opportunity to deliver high-demand housing for one of Virginia’s premier universities.
Investment Highlights
Prime Location
- Adjacent to James Madison University’s Sentara Park.
- Less than 1 mile (9/10) from JMU’s main entrance. 22,758 students
- High visibility and accessibility, ideal for student housing.
Proven Development Potential
- City-approved project for 460 beds, including 24 two-bedroom and 103 four-bedroom units.
- Six-story design with 410 on-site parking spaces.
- Existing plans ready for updates or customization.
Extensive Preparatory Work Completed
- Zoning approved for high-density residential (R-5).
- Two special use permits were approved to allow buildings exceeding 4 stories and 12 units per building; however, the current status of these permits needs confirmation.
- Full set of architectural drawings, site plans, and surveys provided for Original Concept.
- Environmental and geotechnical reports confirm clean and buildable land.
High Demand for Student Housing
- JMU’s growing enrollment creates consistent demand.
- Convenient location ensures appeal for students and parents alike.
Turnkey Opportunity
- Ready-to-develop property with planning completed.
- Ideal for developers seeking a fast-track student housing project.
Jeff Forbes
Forbes Development
