For Auction
Asset Snapshot
Offering Summary
Offering Details:
RealINSIGHT Marketplace and Marcus and Millichap are proud to exclusively market for sale to qualified investors: 2 Morningstar Lane, Shippensburg, PA (the Property) Interested investors can view a Virtual Tour link above.
The Property, formerly named Creekside Court Apartments and now known as The Creek at Ship, is a student housing mid-rise apartment complex built in 2009, totaling 120 units, and situated on a 11.56-acre parcel. The Property consists of ten (10) buildings with twelve (12) units in each building. Each unit contains four (4) bedrooms and two (2) bathrooms with one third also containg a loft area. The unit breakdown is eighty (80), 4-bedroom / 2-bathroom apartments, and forty (40), 4-bedroom / 2 bathroom with loft apartments within the complex.The Property is currently 82% occupied as of October 2020 with strong and increasing pre-leasing activity for Fall 2021.
The Property has recently come under new management which has been focused on increasing occupancy for the 2020/2021 school year and beyond. The physical condition of the property has also been upgraded by management by addressing deferred maintenance, improving the interior and exterior of the buildings through a significant capital expenditure budget, and updating the interior FF&E.
Current ownership 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. This is evidenced by an owned student shuttle bus for residence convenience, an resident incentive program, and a staff dedicated to their clientele above and beyond typical market expectations.
Property Tours: Please contact the Marcus & Millichap team to arrange your tour of the Property.
Due Diligence
Cooperating Broker Fee
Eligible brokers may receive a 0.50% fee when representing the winning bidder.
Learn more in the FAQsPlatform Fee
Buyer pays a minimum platform fee of 5% or $25,000 at closing.
How it Works
Learn about bidding, reserve prices, and closing.
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Disclaimers
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.
