Morgan Properties Buys Pittsburgh Apartments for $29M
- Jan 20, 2020
Madison Realty Group has sold Park West 205, a 164-unit Class A community in Pittsburgh, to Morgan Properties for $29 million, according to data from Yardi Matrix. The buyer financed the acquisition with a $20.3 million Freddie Mac loan from CBRE Capital Markets. The seller had developed the community, which opened in 2018.
Morgan Properties has been an active investor across the country during the past year. In October, the firm purchased an 18,000-unit portfolio of 80 assets from the unrelated Morgan Communities.
Park West 205 has a mix of one-, two- and three-bedroom units, with floorplans ranging from 752 to 1,363 square feet. The pet-friendly community’s amenities include a heated swimming pool, fitness center, business center and clubhouse.
Located alongside Interstate 376 at 1000 Park West Place, the property’s four buildings are less than 9 miles west of central Pittsburgh. The community is next to a number of suburban office hubs: Yardi Matrix shows nearly 2.3 million square feet of office properties within 2 miles of the asset. The 45-store Settlers Ridge shopping center is in the nearby area.