37 South Ave Harrisonburg, VA 22801

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Copper Beech at Harrisonburg Grand Duke ("CB Grand Duke" or the "Property"), a 120-unit / 124-bed student housing community located in Harrisonburg, Virginia. The Property is pedestrian to James Madison University ("JMU"), and offers students predominantly 1-bedroom units . The unit mix is a unique differentiator since JMU is largely served by 4-bedroom units. More specifically, 1-bedroom units make up just 2% of the total off-campus student housing beds in the market. As a result, CB Grand Duke has had strong historical performance. In the Fall of 2022, James Madison University welcomed its largest class in University history totaling 22,224 students. This enrollment increase followed the 45% increase in applications the University received going into the 2022 Academic Year ("AY"). The JMU Office of Admissions announced an additional 17% increase in applications going into the 2023 AY, setting the University up for another record-breaking year. For the 2023-2024 AY, CB Grand Duke is 100% occupied and has achieved an average occupancy of 99% for five consecutive years. The Property is pedestrian to JMU's campus, and adjacent to the University's Greek Row and main retail corridor. The Property is also along the campus shuttle route, providing students ease of access throughout campus and the surrounding community. Rates at CB Grand Duke are ~$200 lower than the market, which represents a ~28% discount, allowing new ownership significant room to improve units and increase rents.