Northeast

MILLERSVILLE, PA. — Millersville University students, administration and a development crew celebrated the official groundbreaking and beam signing for the first phase of new living-learning communities on the Millersville University of Pennsylvania campus. Project developer, Ambling University Development Group, was awarded the project through a national bid process along with its partner firms, Benchmark Construction and architecture firm Lord, Aeck and Sargent. The project marks the initial phase of Millersville's plan to replace all 2,200 on-campus beds with modern, suite-style accommodations while maintaining a consistent bed capacity throughout the modernization initiative. The project cost is $180 million. The first phase is slated for completion by fall 2014 and will include 709 beds in two buildings. Phase I includes 188,272 square feet and 267 units in a mix of single and double occupancy semi-suites and full suites. The tax-exempt bond financing for the project was coordinated by RBC Capital Markets and recently closed at an interest rate of 4.54 percent. Student Services Inc. will serve as the owner of the new facilities.

ROCHELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the $7.7 million sale of Central Avenue Apartments, a 32-unit apartment community in Rochelle Park. The two-building, garden-style apartment complex is located at 47-53 Central Ave., about 18 miles north of Newark. A four-bedroom, 1,900-square-foot home and 66-space parking lot were also included in the sale. Joseph Brecher, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller, 47-53 Central Avenue LLC, and identified the buyer in the transaction.

HARRISBURG, PA. — Marcus & Millichap has arranged the $25.7 million sale of Ivy Ridge Apartments, a 218-unit, newly constructed apartment complex in Harrisburg. The sales price represents $117,913 per unit, a new price per unit high in the Harrisburg market this year, according to Marcus & Millichap. Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s national multi housing group in Philadelphia, represented the seller, a local investor/developer. The buyer, also procured by Pierce and Thomson, is an operator of multifamily assets based in Northern New Jersey. The garden-style community is located at 589 Yale St. and features 192 two-bedroom units with private entrances and patios. The remaining 26 units are townhomes adjacent to the main complex. Community amenities include a clubhouse/leasing center with 24-hour fitness area, outdoor seating with fire pit and free Wi-Fi access.