MultiVersity Housing Partners Assumes Management of Pittsburgh Student Housing
- Apr 01, 2020
MultiVersity Housing Partners (MVHP) has been awarded property management of Union on 5th, a Class A student housing property in Pittsburgh, Pa. MultiVersity Property Management (MVPM) will supervise management of the apartment community and will also oversee all planned enhancements to the property. Last week, MVHP acquired a student housing property near Clemson University in South Carolina.
The improvements will include changes to the building lobby, redesigning that space to relocate the leasing and office space. Additional upgrades include adding study space, building additional beds, renovating the hallways and incorporating a Luxer One package locker system.
Located at 1030 Fifth Ave., a short walk from the Duquesne University campus and less than 2 miles from the University of Pittsburgh, Union on 5th is a historic building that was converted to loft student apartments in 2016. Featured are two- and three-bedroom units with up to three bathrooms. Apartments range from 585 to 1,100 square feet in size.
The fully-furnished apartments offer ceilings higher than 20 feet, exposed brick walls, LVT and ceramic flooring, in-unit washer-dryers and stainless steel appliances. The property is 98 percent leased for the 2019-2020 lease term, or academic year.
Four transit stops are located within 0.8 of a mile from the property, while three shopping centers exist within a 1.2-mile drive or walk.
Among the parks and recreational opportunities within about 2.5 miles are Point State Park, Children’s Museum of Pittsburgh, Allegheny Commons Park, National Aviary and Carnegie Science Center.
Pittsburgh is home to MVPM’s operations team and office, but the property management assignment at Union on 5th serves as its initial foray into the Pittsburgh market. MVPM has indicated in prepared remarks that it seeks to grow a Pittsburgh presence, particularly within the rapidly transitioning Uptown nook, which is now seeing new development after years of disinvestment.