HARRISONBURG, Va., July 14, 2022 (Newswire.com) - Dallas-based Fountain Residential Partners has announced that the firm is under contract to develop a 387-bed student housing community in Harrisonburg, Virginia, serving James Madison University. Located at 1051 Peach Grove Avenue, the project will provide approximately 182 townhomes and one-bedroom apartments for up to 387 students in an upscale community setting adjacent to restaurants, retail, a pharmacy, and a grocery store. The project will have great access and visibility being located directly across Port Republic Road from the JMU Sentara Park sports complex.
Barriers to entry for new housing geared towards JMU students are high due to geographical and constructability standards. Much of the area around the campus has extreme topography and geological challenges, making the already high cost of construction untenable. Working with the locally-based Forbes family, and locally-based BLUE Realty Investments & Asset Management, Fountain Residential Partners was able to contract for the property and redesign the project by-right to conform to a lower cost of construction. "We looked at a lot of sites near JMU, and each one was deemed too costly because of either topography or the need to build structured parking. Being able to contract for a nearly-level 5.4-acre site allows us to keep our site work expense low and utilize surface parking," said Trevor Tollett, Executive Vice President at Fountain Residential. "The cost of earthwork and retaining walls are just a part of the escalating construction cost we are experiencing nationwide."
The proposed project will include a unit mix of four-bedroom, four-bath townhomes and one-bedroom apartments along with a pool area, clubhouse, strength training and cardio center, and multiple private study rooms. Each fully furnished apartment home will feature condo-like finishes, including wood-look flooring, granite countertops, queen-sized pillow-top beds, 65-inch flat-screen TVs, stainless steel appliances and full-sized washers and dryers.
Brent Little, President and CEO of Fountain Residential, says, "We look at this project as elevating the student living experience at JMU. Our strategy is to reset the bar on amenities and finish out to fit today's students' demands. And being within walking distance to such great amenities is part of a larger sustainability effort that students desire."
The Project is expected to break ground in early 2023 for a Summer 2024 delivery.
About Fountain Residential Partners:
Fountain Residential Partners is a privately held development and asset management company specializing in luxury, mixed-use, and affordable apartment homes in university and collegiate markets across the United States. Specializing in student housing since 2000, the principals of Fountain Residential have completed over $2 Billion in new student housing construction across the country.
Trevor C. Tollett - Executive Vice President
Fountain Residential Partners, LLC
2626 Cole Avenue, Suite 620
Dallas, Texas 75204
Phone: (972) 861-5080
Source: Fountain Residential Partners