294-Unit Apartment Complex Hits the Market in Suburban Pittsburgh
July 13, 2017
PITTSBURGH, July 13, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today it has been awarded the exclusive listing for Thorn Run, a 294-unit apartment complex located in Moon Township, a suburb of Pittsburgh, Pennsylvania. The property is being offered for sale unpriced and free and clear of existing debt.
“Owned and managed by the same group for more than 30 years, this offering is a rare opportunity to acquire a sizable, well-located and exceptionally well maintained multifamily asset in suburban Pittsburgh,” says Joshua Wintermute, director. “A significant amount of capital has been consistently reinvested into Thorn Run over the years and by implementing a systematic improvement plan, a new owner can continue to enhance the property’s revenue stream and its competitive position within the marketplace.”
Michael Barron and Daniel Burkons, both senior managing directors, and Wintermute are representing the seller, a Philadelphia-based limited liability company.
Constructed between 1974 and 1976, the property is situated 12 miles from downtown Pittsburgh and near Interstate 376, Parkway West, in Moon Township, one of Pittsburgh’s top suburbs and best school districts. Moon Township is home to Pittsburgh International Airport and Robert Morris University. The Mall at Robinson, a two-level, enclosed super-regional shopping mall and its surrounding retail corridor are a 10-minute drive away.
Located on nearly 40 rolling acres of mature, landscaped grounds, Thorn Run features 12 three-story residential buildings, an expansive swimming pool and a recently renovated clubhouse and fitness center.
Brenton Baskin, regional manager of Marcus & Millichap’s Pittsburgh office, is the firm’s broker of record in Pennsylvania.