Marcus & MIllichap Brokers 1031 Student Housing Sale

Elizabethtown, Pa. — Marcus & Millichap has brokered the sale of an off-campus community adjacent to Elizabethtown College for $1.7 million.

CampusViewApts-Elizabethtown-SHBElizabethtown, Pa. — Marcus & Millichap has brokered the sale of Campus View Apartments, a 32-unit community located in Elizabethtown, for $1.7 million. The property is situated adjacent to Elizabethtown College at 955 Campus Road. It comprises 24 garden-style units and eight townhome-style units. All contain two bedrooms. Occupancy was approximately 94 percent at the time of closing. The buyer was a limited partnership completing a 1031 exchange.   Zachary Pierce and Ken Wellar of Marcus & Millichap's Philadelphia office procured the buyer and represented the seller, another undisclosed limited partnership. The property traded at an 8.25 percent cap rate.

 

— Coleman Wood

 

 


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