A group of limited partnerships connected to Cumberland County developer Dan Deitchman has paid $15.2 million to buy Bard Townhouses, a student housing complex near Shippensburg University.
A New York fund owned the property and sold it through a 1031 tax-deferred exchange, Bobincheck said. A 1031 exchange is a tool used by commercial real estate investors to replace properties with an investment of equal or greater value to avoid paying capital gains taxes.
The Bard Townhouses were built in 1988 and were about 99 percent occupied at the time of the sale, Bobincheck said. The units each have two to four bedrooms.
“Things like this don’t happen often,” he said, referring to the size of the property and its location, which is across from Shippensburg University.
Over the last year, the previous owner had overhauled about 70 percent of the complex, upgrading kitchens and installing new Wi-Fi. The clubhouse also was renovated.