The Subject property is being exclusively market to qualified investors through Marcus & Millichap Real Estate Services, and will be exclusively sold at auction through:
RealINSIGHT Marketplace - https://marketplace.realinsight.com/sales/details/626
Marcus and Millichap is proud to exclusively market for sale to qualified investors: 2 Morningstar Lane, Shippensburg, PA. 17257
The subject property is a student housing mid-rise apartment building (located directly off campus), totaling 120 units, and is situated on a 11.06 acre parcel. The upright improvements were built in 2009, The property consists of ten (10) buildings with twelve (12) units in each building. Each unit consists of four (4) bedrooms and two (2) bathrooms; totaling - eighty (80), 4-bedroom / 2 bathroom apartments, and forty (40), 4-bedroom / 2 bathroom with loft apartments within the complex.
The buildings are currently 86.25% occupied, and is 52% pre-leased for fall 2020 as of early March.
The subject property has recently come under new management which has implemented a successful strategy. The new Management has been extremely dedicated and focused on improving the performance of the asset by focusing on increasing its occupancy for the 2019/2020 school year and beyond. The physical condition of the property has been drastically improved by eliminating any deferred maintenance, improving the interior and exterior of the buildings through a significant capital expenditure budget, and updating the interior FF&E.
Management has also been dedicated to improving Student relations through a robust advertising and marketing campaign, and by implementing new student outreach programs over the past year. The new Management has also introduced a new student shuttle program, an incentive program, and is highly dedicated staffing their clientele above and beyond typical market expectations.
The Subject property is being exclusively market to qualified investors through Marcus & Millichap Real Estate Services, and will be exclusively sold at auction through:
RealINSIGHT Marketplace - https://marketplace.realinsight.com/sales/details/626
