8C — September 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Malik brokers sale of Maverick Apartments SCOPE Commercial Real Estate Services, LLC completes sales of PA student housing portfolios
S OUTH-CENTRAL & SOUTHEASTERN, PA — Scope Commercial Real Estate Services, LLC (SCOPE) , a middle-market multifamily investment sales firm has announced recent sales of student housing in PA. Maverick Apartments, a 480- bed, 120-unit student housing complex located in Shippens- burg, PA has sold for $13.3 mil- lion which equates to $27,708 per bed. Fahd Malik , director at SCOPE, had the listing to market the property on be- half of the seller, Maverick
Apartments LLC , a regional student housing operator. Maverick Apartments LLC acquired the property in 2021, infused over $1.5M, and re- positioned the asset with modern amenities and unit renovations elevating the apartment offering compared to competitors in the market. “We were able to success- fully execute on our marketing strategy which yielded multiple tours and offers amidst an extremely challenging lending environment within a submar- ket with University enrollment under 10,000,” adds Malik. “Our efforts secured an out-of- market buyer that acquired a property with significant em - bedded upside.” Maverick Apartments is a ten-building purpose-built stu- dent housing complex set on 12.57 acres. The 120 units feature 1,250 and 1,450 s/f four-bedroom, two-bathroom apartments in standard and loft layouts. Each bedroom is 75 s/f and comes with fully furnished options. Strategically located a 2 Morningstar Ln., the apart- ment complex is set a ten-min- ute half-mile walk to Shippens- burg campus. A new extension to the Cumberland Valley Rail- Trail (CVRT) will provide a direct connection to the campus in the coming school year. Mav- erick Apartments is one of the limited options for off-campus housing in the Shippensburg market. As of Spring 2020, the University had a total enroll - ment of 5,652 students. In a second transaction SCOPE has announced the sale of a 114-bed student hous- ing portfolio consisting of eight buildings near Temple Uni - versity in Philadelphia. The portfolio sold for $5.034 million, equating to $44,158 per bed. Director Jonathan Massa- ro , and senior associate Zeke Rotter led the transaction on behalf of the deal team. The seller, TempleTown Realty , owned and managed the port- folio since 1996. Massaro and Rotter also procured the buyer, Penn Property Partners . The scattered site portfolio consists of 1429, 1520 N 15th Street, 1501-03, 1524, 1525, 1840 N 16th St., 2152-54 N Broad St., and 2229 Park Ave. with a total building area of 6,000 s/f and units that range from studio to four-bedroom layouts. MAREJ
Maverick Apartments
Philadelphia student housing
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