SHIPPENSBURG, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bard Townhouses, (top right photo) a 173-unit student- housing community in Shippensburg.The sales price of $19.38 million represents $112,023 per unit.
Brian Kelly, a student-housing investment specialist in the Indianapolis office of Marcus & Millichap, represented the seller, a Pennsylvania-based student-housing owner and manager. Spencer Yablon, (middle left photo) regional manager of the firm's Philadelphia office, assisted in this transaction.
“Bard Townhouse was an excellent opportunity for the investor to acquire a well-maintained student- housing community that is 100 percent occupied and located directly across the street from Shippenburg University, which has an enrollment of approximately 7,600 students,” says Kelly. Located at 100 Bard Drive, the 176,280-square foot apartment community consists of 1423 two-story buildings situated on a 32.54 acre lot.
Bard Townhomes features a mix of two-, three- and four-bedroom units. Rents are collected before the start of each semester and leases are signed by the unit for nine months at a time with available summer leases.Originally built in 1988, the apartment community has recently undergone the construction of new units on the property. Of the 173 total units, 83 were built after 2002, including 54 units in 2004.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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