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Maverick Apartments LLC Sells 480-Bed Student Housing In Shippensburg, Pennsylvania For $13.3M

Property Image
SOLD
$13,300,000

Pennsylvania

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Student Housing
Sold 08/31/2023
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Property Image
SOLD

Maverick Apartments LLC Sells 480-Bed Student Housing In Shippensburg, Pennsylvania For $13.3M

2 Morningstar Lane Shippensburg, Pennsylvania 17257, USA

See Similar Deals
Student Housing
Sold 08/31/2023
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Student Housing
Transaction Type:Sale

Located in Shippensburg, Pennsylvania, the Maverick Apartments student housing community has been sold by Maverick Apartments LLC for a price of $13.3 million. The property, sprawling across 12.6 acres, consists of 480 beds and underwent $1.5 million worth of renovations after being acquired in 2021.

Summary of transaction details

  • Property Type: Student Housing
  • Transaction Amount: $13,300,000
  • Address: 2 Morningstar Lane, Shippensburg, Pennsylvania
  • Market: Shippensburg, Pennsylvania
  • Total Acres: 12.6

The sale of the Maverick Apartments student housing community was facilitated by Fahd Malik from Scope Commercial Real Estate Services, serving as the broker for Maverick Apartments LLC. This transaction marks a successful collaboration between the seller and Mr. Malik, contributing to the dynamic real estate market in Shippensburg, Pennsylvania.

Players

FM
SCOPE
Fahd Malik
1 deal$13.3M volume
BROKER

Details

SOLD
IMAGE: Fahd Malik DATE: 08/31/2023 ADDRESS: 2 Morningstar Lane MARKET: Shippensburg, Pennsylvania ASSET TYPE: Student Housing ~ ACRES: 12.6 SELLER: Maverick Apartments LLC BROKER: Fahd Malik - Scope Commercial Real Estate Services SALE PRICE: $13,300,000 BEDS: 480 ~ PPB: $27,708 NOTE: Maverick Apartments LLC has sold the 480-bed Maverick Apartments student housing community in Shippensburg, Pennsylvania, for $13.3 million. The property, near Shippensburg University, received $1.5 million in renovations after being acquired in 2021.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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