Marcus & Millichap

Luxury Suburban Pittsburgh Multifamily Asset Sold by IPA for $61 Million

June 08, 2018

PITTSBURGH--(BUSINESS WIRE)-- 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.”

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