Luxury Suburban Pittsburgh Multifamily Asset Sold by IPA for $61 Million
PITTSBURGH, June 7, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Ascent Four Thirty, a 319-unit luxury apartment community located in the affluent northern Pittsburgh suburb of Wexford, Pennsylvania. The property sold for $61,025,000, which equates to $191,301 per unit.
“The Wexford area has experienced significant population and employment growth over the past decade and shows no signs of slowing down,” says Joshua Wintermute, IPA senior director.
“Ascent Four Thirty’s best-in-class resort-style amenity package, combined with its modern, high-end interior finishes and first-class location, make the community a highly desirable choice for discerning renters,” adds Michael Barron, IPA senior managing director. “As demonstrated by the asset’s 61 ‘Premium’ apartments, the implementation of select interior improvements will reposition the property for increased revenue.”
Wintermute, Barron and IPA senior managing directors Daniel Burkons and Victor Nolletti represented the seller, The NRP Group, and procured the buyer, a joint-venture between Buligo Capital and Graycliff Capital. Mark Taylor is Marcus & Millichap’s broker of record in Pennsylvania.
“The level of interest we were able to generate for this offering reaffirms Pittsburgh’s desirability on a national level,” notes Burkons. “Through our marketing efforts we were able to procure over 20 offers to purchase the asset. The offers came from interested buyers ranging from high-net-worth private individuals to institutions, as well as foreign capital.”
The property is located 25 minutes north of the Pittsburgh Central Business District and the Pittsburgh International Airport. Nearby major employers include Alcoa, the Allegheny Health Network, PPG Industries Inc., the UPMC Health System and Westinghouse. There are multiple retailers and ample office and industrial space within a four-mile radius.
Ascent Four Thirty was built in 2015 and features 17 three-story residential buildings, a 2,500-square-foot fitness center, large conference room and spacious gathering area. There is a resort-style heated swimming pool with an expansive sundeck.