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Classic Auction - Multifamily

Creekside Court Apartments

2 Morningstar Lane, Shippensburg, PA 17257

  • Asset Type
  • Real Estate
  • Property Type
  • Multifamily
  • Land Area
  • 11.56 Acres
  • Year Built
  • 2009
  • Number of Floors
  • 4
  • Number of Buildings
  • 10
  • Occupancy
  • 86.25%
  • Occupancy as of
  • Jan 31, 2020
  • Multifamily Type
  • Student Housing
  • Number of Units
  • 120 Units
  • Property Size
  • 158,400 Sq Ft
  • Bed Count
  • 480

Creekside Court Apartments
Shippensburg, Pennsylvania 

Offering Details:

RealINSIGHT Marketplace and Marcus and Millichap are 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 an 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), four-bedroom /two bathroom apartments, and forty (40), four-bedroom /two 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 to staffing their clientele above and beyond typical market expectations.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

Platform fee for this transaction is 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Lamar P. Fisher

    Fisher Auction Company Inc.

    License: AU005925