Affordable Pittsburgh Asset Receives HUD Loan

Maple Ridge, which was acquired by Telesis Corp. this spring, is a 91-unit Class C rental property located in the East Hills submarket.
Maple Ridge
Maple Ridge

Telesis Corp. has obtained a $2.9 million HUD loan for Maple Ridge, a 91-unit community in Pittsburgh. According to Yardi Matrix data, the loan amortizes on a 35-year schedule and carries a note rate of 4.2 percent. Telesis purchased the fully affordable property from Winn Residential in March 2018 for $1.7 million, or $18,586 per unit.

Located at 2115 Park Hill Drive in East Hills, the Class C asset is roughly 10 miles away from the heart of downtown Pittsburgh. The 1964-built community features 42 two- and 49 three-bedroom apartments, averaging 830 square feet. Maple Ridge encompasses eight three- and four-story buildings, spread on a 4.2-acre site. Amenities include a community room, laundry facilities and 86 parking spaces.

In a recent report, Yardi Matrix found that multifamily product in Pittsburgh is in high demand thanks to a highly educated talent pool, growth in the health-care, banking and technology sectors. A SmartAsset study ranked Pittsburgh among the most affordable cities in the U.S. to own a home.

Image courtesy of Yardi Matrix