Pennrose Completes The Gateway at Summerset
- Nov 06, 2013
Pittsburgh—The final phase of construction is complete at The Gateway at Summerset, a high-end apartment community in the Squirrel Hill neighborhood of Pittsburgh. Developer Pennrose Properties LLC announced that just a handful of the 131 one- and two-bedroom luxury apartments remain available for lease.
The apartments offer open floor plans with gourmet kitchens featuring granite countertops, stainless-steel appliances and breakfast bars. Additional features include spacious baths with soaking tubs, private balconies or patios and in-unit washers and dryers. Residences rent for $1,375 to $2,025 a month and range in size from almost 800 to more than 1,000 square feet.
The Gateway is minutes from the shops and restaurants at The Waterfront, and is surrounded by Squirrel Hill ethnic eateries, old-fashioned grocery stores, movie theaters and upscale shops. The community’s residents also benefit from a trail connector to historic Frick Park.
Good timing played a crucial role in the development. “Pennrose has been active in Pittsburgh for over a decade, and has developed numerous apartment communities there with our partner, Ralph A. Falbo, Inc.,” Michael Watson, Pennrose Properties, LLC assistant vice president of development, tells MHN.
“We had been aware of this property for a while, and as we saw the market heat up, decided to aggressively pursue the opportunity that would become The Gateway. The Gateway was particularly compelling, because it would be a part of the Summerset at Frick Park community, which has been hugely successful.”
Pennrose officials also believed The Gateway would allow the company to differentiate the product from the downtown office and industrial space that has been converted to residential and has dominated the supply of new Pittsburgh apartments, he adds. The community offers a quiet suburban atmosphere and supports an active outdoor lifestyle with excellent access to recreation.
“The community also features beautiful views of the Monongahela River and is about 10 minutes from downtown Pittsburgh,” Watson reports. “A great location in a great market that’s on the rise equals a great opportunity.”
In developing the property, Pennrose recognized a race against the clock would be the main hurdle. “Our primary challenge was time,” Watson recalls. “Pittsburgh is known for its cold winters, so it was important that we deliver our first units and start our lease up in the spring. To get this done, we took the project from a schematic site plan to construction start in just five months. It was a tight schedule, but we were able to deliver our first units in April.”
Pennrose officials are convinced a professionally managed, luxury apartment community will enhance the greater community by attracting a new and highly desirable resident base. Concludes Watson: “Residents at The Gateway tend to be renters by choice who enjoy the amenities that Squirrel Hill has to offer, but don’t want the hassle that comes with homeownership.”