High-Profile I.M. Pei Apartment Community Slated for Renovation
One of Pittsburgh’s iconic residential towers, the 24-story Washington Plaza Apartments, is set to undergo a series of upgrades this year. According to the Pittsburgh Business Times, Faros Properties LLC has hired Perkins Eastman of New York to remodel the property’s lobby, business center, fitness center and swimming pool. Improvements are also planned for the kitchen and bathroom(s) of each unit.
Built in 1964 and designed by I.M. Pei and Partners, the 388-unit high-end apartment community is located at 1420 Centre Avenue, just west of the city’s downtown. The property includes studios, as well as one- and two-bedroom residences, with monthly rents ranging from $1,000 to more than $2,000. The complex offers approximately 400 parking spaces, 291 storage units, a 24/7 concierge service, controlled access and valet parking, as well as tennis courts, volleyball courts and barbecue picnic areas. There is also a retail portion on the ground floor, with a bar & grill, massage spa, dentist and hair salon.
Last November, Faros Properties purchased the majority interest in WP Partner, the corporate entity that owns the building, from the Detroit Police and Fire Pension Fund. Financial terms of the deal were not disclosed. In the spring, HFF Inc. had listed the Washington Plaza tower for $55 million, or more than $140,000 per unit. At the time of sale, the property’s occupancy rate was marketed as 98 percent.
“We’re focused on multifamily assets in urban and infill locations, in addition to commercial properties in cities that have high concentrations of intellectual capital, strong fundamentals and strong growth prospects,” Faros Properties managing partner Jeremy Leventhal told the newspaper.
At about 97 percent, Pittsburgh’s overall apartment occupancy rate is among the best in the country, the Pittsburgh Business Times reports.
Photo credits: www.galinsky.com/buildings