Shippensburg, Pa., August 29, 2023 – Scope Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm has announced the sale of Maverick Apartments, a 480-bed, 120-unit student housing complex located in Shippensburg, PA. The property sold for $13,300,000 which equates to approximately $27,708 per bed.
Fahd Malik, director at SCOPE, had the exclusive 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-square-foot four-bedroom, two-bathroom apartments in standard and loft layouts. Each bedroom is approximately 75 square feet and comes with fully furnished options.
Strategically located a 2 Morningstar Lane in Shippensburg, 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.
SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal making experience ensures maximum return on investment.