Harrisburg-Area Student Housing Trades
SCOPE arranged the sale of a 480-bed property in a Pennsylvania college town.
Maverick Apartments LLC, a regional student housing provider, has sold Maverick Apartments, a 480-bed student housing community in Shippensburg, Pa., within the Harrisburg-Carlisle MSA. Scope Commercial Real Estate Services arranged the $13.3 million sale, equating to $27,708 per bed. After acquiring the property back in 2021, the operator invested $1.5 million in unit and amenity renovations.
Spanning 12.6 acres, the community comprises 10 buildings and 120 units with fully furnished three- and four-bedroom apartments, ranging from 1,250 to 1,400 square feet and in-unit washers and dryers. Community amenities include Amazon package lockers, a cardio studio and on-site maintenance.
Located at 2 Morningstar Lane, the property is within half a mile of Shippensburg University and Robb Sports Center. Several dining and retail options, including a Walmart Supercenter, are 2.5 miles from the community, while Interstate 81 is within 3.5 miles, providing easy access to Harrisburg, Pa. Currently, there are three student-dedicated properties adjacent to the institution, totaling 604 beds, Yardi Matrix data shows.
Despite the current economic uncertainty, the student housing sector continues to show resilience, reaching a nearly 91 percent preleasing rate in July, up 4.6 percent compared to the previous month. Although investment activity was down by 73.1 percent in the first half of the year, new properties continue to come online. Early this year, Landmark unveiled plans for The Mark Philadelphia, a 909-bed community near the University of Pennsylvania, and topped out Standard at Philadelphia, a 802-bed property in the area.