Allegheny Center Apartment Community in Pittsburgh’s North Shore Up for Sale
The 800-unit apartment community at Allegheny Center in Pittsburgh’s North Shore neighborhood has been listed for sale. According to the Pittsburgh Business Times, the local office of CBRE is marketing the Pittsburgh Apartments property owned by Allegheny Center Associates.
The complex consists of four high-rise buildings that offer residents amazing views of the city’s skyline, as well as a variety of amenities, including laundry facilities, roof-top sun decks, exercise equipment and secured parking. Monthly rents start from $635 for a studio, $900 for a one-bedroom unit and $1,125 for a two-bedroom apartment.
Besides its residential component, Allegheny Center also features three office buildings known as the Allegheny Center Office Concourse, One Allegheny Square and Two Allegheny Center.
The campus is located within easy walking distance from Downtown Pittsburgh, PNC Park, Heinz Field, the Carnegie Science Center, The Andy Warhol Museum and the new Northside Branch of the Carnegie Library.
In other news, the Pittsburgh Post-Gazette reports that PMC Property Group is moving ahead with its plans to convert the historic 23-story Clark Building on Liberty Avenue into apartments.
The Philadelphia-based developer has recently obtained approval from the city planning commission to redevelop floors 12 to 23 into 144 rental units and is now seeking permission to turn the structure’s five to 11 floors into another 84 apartments. PMC intends to repurpose the property’s lower floors for retail and office use.
The company acquired the 85-year-old building in March at an online auction for approximately $7 million and expects to complete construction by next summer.
PMC’s other projects in the city include the conversion of James Reed Building on Sixth Avenue into a 249-room Hotel Monaco, the redevelopment of the upper half of the Regional Enterprise Tower into apartments, and turning the former Pittsburgh Schenley High School into 178 luxury one- and two-bedroom rentals. The developer has also repurposed the Verizon building on Stanwix Street into 158 apartments and a charter school.
Photo credits: www.alleghenycenter.comTags: Acquisitions/Dispositions, Allegheny Center Associates, Allegheny Center Office Concourse, Brokers, CBRE, Clark Building, Commercial, Consumer, Conventional - Market Rate, Developers, Development, Finance/Investment, Investors, Latest Headlines, leasing, Local, Managers, multi-family, National, Office, One Allegheny Square, Owners, Pittsburgh, Pittsburgh apartment, Pittsburgh Lead Story, Pittsburgh office, PMC Property Group, Policy, Professional, property management, Regional, Residential, retail, Two Allegheny Center