Pittsburgh Community Changes Hands
The 124-unit Class C property was sold for nearly $5 million. The new owner financed the transaction with a $7.5 million acquisition and development loan.
Cloverleaf Towers
A private investor has sold Cloverleaf Towers, a 124-unit Class C community in Pittsburgh, for $4.9 million, according to Yardi Matrix. The buyer financed the purchase with a $7.5 million acquisition and development loan from Century Heritage Federal Credit Union.
The asset last changed hands in June 2000, for a price tag of $3.4 million.
Located at 60 Clover Drive in the city’s Whitehall submarket, the community’s five buildings are positioned alongside Clairton Boulevard, which links the area 10 miles north to downtown Pittsburgh. Nearby public bus routes further connect the property to the metro area. A number of retail centers, including the 1.3 million-square-foot Century III Mall, fall within 2 miles of the asset.
The community, built in 1953, contains both one- and two-bedroom apartments, with 700- and 900-square-foot floorplans. The previous owner had carried out capital improvements, including elevator upgrades and boiler replacements, over the past five years. The asset was 98.4 percent occupied as of September, per Yardi Matrix data.
In June, the NRP Group sold a 319-unit community north of Pittsburgh for approximately $61 million.
Image courtesy of Yardi Matrix
