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Feb. 7, 2014

New York Investor to Acquire 800-Unit Apartment Asset in Pittsburgh

By Adriana Pop, Associate Editor

Real estate investment firm Faros Properties of New York is buying the Allegheny Center Apartments on the city’s North Side from the Allegheny Center Associates, the Pittsburgh Business Times reports.

The acquisition of this massive residential community, which offers a mix of more than 800 studio, one- and two-bedroom apartments within four high-rise buildings, is expected to close this month. Amenities include laundry facilities, rooftop sun decks, a fitness center and secured parking. The property was built in the 1960s as part of the Allegheny Center complex, which also comprises three office buildings known as the Allegheny Center Office Concourse, One Allegheny Square and Two Allegheny Center.

In 2012, Faros Properties acquired the majority interest in another large apartment complex in Pittsburgh, namely the 388-unit I.M. Pei-designed Washington Plaza at 1420 Centre Avenue. The property totals more than 320,000 square feet, and offers more than 400 parking spaces, 291 storage units, a 24/7 concierge service, controlled access and valet parking, barbecue picnic areas, as well as tennis and volleyball courts.

In other news, the Pittsburgh Tribune-Review reports that Google Inc. is expanding into a six-story office building Walnut Capital Partners is planning as part of its approximately $100 million Bakery Square 2.0 mixed-use development in East Liberty.

Google’s commitment amounts to 66,000 square feet, about one third of the building’s total office space. Construction on the approximately $40 million project is expected to begin in March and be complete in 18 to 24 months.

Slated to rise at the site of the former Reizenstein Middle School, Bakery Square 2.0 will also feature a second office building of similar size, two 175-unit apartment buildings, one of which is already under construction, 57 townhouses and parking garages.

Google currently occupies about 140,000 square feet at Bakery Square 1.0, the $130 million redevelopment of the 1900s-era Nabisco bakery which Walnut Capital Partners completed across the street from the site of the planned complex.   

A two-level sky bridge over Penn Avenue will connect the Larimer side of the established Bakery Square development with its Shadyside addition.

Photo credits: www.homesandland.com

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