Carnegie Mellon Purchases Pittsburgh Community
A private investor traded the 78-unit multifamily property for $17 million. The new owner plans to renovate the building and repurpose it as dedicated university housing.
Carnegie Mellon University (CMU) has acquired Fifth Neville, a 78-unit apartment community in Pittsburgh, for $17 million from a private investor, according to the Pittsburgh Post-Gazette. The new owner has plans to invest in capital improvements, repositioning the asset to meet the university’s student housing demand.
Located at 4705 Fifth Ave., the community is positioned half a mile north of CMU’s campus. The Centre Avenue retail corridor is situated north of the property, providing a wide range of shopping and dining options. The area is served by a number of public transportation routes, directly linking the asset to downtown Pittsburgh.
The seven-story building contains a mix of studio, one- and two-bedroom units, with floorplans ranging from 308 to 835 square feet. On-site amenities include a business center, laundry facilities and off-street parking.
In May, 2 miles to the west near Duquesne University, a campus residence hall changed hands for $23 million.
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