South-central & southeastern, PA — Scope Commercial Real Estate Services, LLC (SCOPE), a middle-market multifamily investment sales firm has announced recent sales of student housing in PA.
Maverick Apartments, a 480-bed, 120-unit student housing complex located in Shippensburg, PA has sold for $13.3 million which equates to $27,708 per bed.
Fahd Malik, director at SCOPE, had the listing to market the property on behalf of the seller, Maverick Apartments LLC, a regional student housing operator. Maverick Apartments LLC acquired the property in 2021, infused over $1.5M, and repositioned the asset with modern amenities and unit renovations elevating the apartment offering compared to competitors in the market.
“We were able to successfully execute on our marketing strategy which yielded multiple tours and offers amidst an extremely challenging lending environment within a submarket with University enrollment under 10,000,” adds Malik. “Our efforts secured an out-of-market buyer that acquired a property with significant embedded upside.”
Maverick Apartments is a ten-building purpose-built student housing complex set on 12.57 acres. The 120 units feature 1,250 and 1,450 s/f four-bedroom, two-bathroom apartments in standard and loft layouts. Each bedroom is 75 s/f and comes with fully furnished options.
Strategically located a 2 Morningstar Ln., the apartment complex is set a ten-minute half-mile walk to Shippensburg campus. A new extension to the Cumberland Valley Rail-Trail (CVRT) will provide a direct connection to the campus in the coming school year. Maverick Apartments is one of the limited options for off-campus housing in the Shippensburg market. As of Spring 2020, the University had a total enrollment of 5,652 students.
In a second transaction SCOPE has announced the sale of a 114-bed student housing portfolio consisting of eight buildings near Temple University in Philadelphia. The portfolio sold for $5.034 million, equating to $44,158 per bed.
Director Jonathan Massaro, and senior associate Zeke Rotter led the transaction on behalf of the deal team. The seller, TempleTown Realty, owned and managed the portfolio since 1996.
Massaro and Rotter also procured the buyer, Penn Property Partners.
The scattered site portfolio consists of 1429, 1520 N 15th Street, 1501-03, 1524, 1525, 1840 N 16th St., 2152-54 N Broad St., and 2229 Park Ave. with a total building area of 6,000 s/f and units that range from studio to four-bedroom layouts.
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