Shippensburg Township, Pa. — A Pennsylvania-based entity has purchased Bard Townhouses, a student housing complex located within walking distance of Shippensburg University, for $15.2 million in cash.
The 173-unit, 458-bed complex sold within 60 days. Senior agents Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide Real Estate Services represented the buyer. A New York fund sold the property through a 1031 tax-deferred exchange.
The Bard Townhouses were built in 1988 and were approximately 99 percent occupied at the time of the sale. The units each have two to four bedrooms. Over the last year, the previous owner renovated approximately 70 percent of the complex by upgrading kitchens and installing new Wi-Fi. The clubhouse also was renovated.