Solomon Org. Acquires Pittsburgh Community for $41M
The buyer financed the acquisition of the 316-unit property with a $32.4 million Freddie Mac loan originated by M&T Bank.
The Solomon Org. has acquired Waterford Nevillewood, a 316-unit community in suburban Pittsburgh, for $41.1 million, according to Yardi Matrix. M&T Bank provided $32.4 million in Freddie Mac acquisition financing to the buyer.
The seller, Morgan Management, acquired the property in July 2009 from the Zaremba Group. The firm is one of the largest multifamily owners in the metro area.
Waterford Nevillewood, located at 1900 Tee Court in Presto, Pa., is alongside Interstate 79, about 10 miles from downtown Pittsburgh. The Walnut Pike retail corridor is a short distance away, home to Walmart, Lowe’s and a number of other shops and restaurants.
The garden-style community’s 13 buildings contain one-, two- and three-bedroom units, with floorplans ranging in size from 688 to 1,273 square feet. Amenities include a swimming pool, a fitness center, a business center, a club house with a game room and an on-site dog park.
Image courtesy of Yardi Matrix