HARRISONBURG, Va., [July 18, 2025] — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today that it has facilitated the sale of Arcadia Harrisonburg, a 168-unit, 672-bed, purpose-built student housing community pedestrian to James Madison University (JMU) in Harrisonburg, Virginia.
Completed in 1999, Arcadia Harrisonburg represents a rare value-add investment opportunity in one of the Mid-Atlantic’s most resilient student housing markets. The property is strategically positioned to serve JMU’s 22,879 students, a university population that has grown 9.7 percent over the past decade. Enrollment growth, coupled with the university’s limited on-campus housing capacity, has created sustained demand for off-campus student housing.
“Arcadia Harrisonburg presented investors with a compelling opportunity to acquire a well-located, purpose-built student housing asset with clear pathways to value creation,” said Peter Katz, IPA executive managing director. “This transaction underscores how investor demand for purpose-built student housing remains strong, particularly in markets anchored by universities like JMU that demonstrate consistent enrollment growth and strong barriers to new development.”
Arcadia Harrisonburg provides students with spacious 4-bedroom floor plans offering private bedrooms and bathrooms, in-unit laundry, and modern finishes, complemented by community amenities tailored specifically to student lifestyle needs. With its location less than a ¼ mile from campus and easy accessibility to Harrisonburg’s student core, the property is uniquely positioned for consistent long-term leasing performance.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
