Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Eagle Ridge apartments for sale. Eagle Ridge is a 352-unit, garden-style apartment community with outstanding value-add potential in the stable Monroeville suburb of Pittsburgh, Pennsylvania. The property is an exceptionally well-maintained property with capital improvements made in the last five years, making it a superior investment opportunity.
The apartment property for sale is situated on 42.474 acres at 1500 Eagle Ridge Drive in Monroeville, which is 12 miles east of the Pittsburgh CBD. Although less than a quarter mile from William Penn Highway (Business Route 22), Eagle Ridge is situated in such a way that it enjoys privacy created by trees, open space and topographic barriers. It’s near the center of the main commercial corridor in the submarket and provides tenants with convenient access to retail, entertainment and businesses.
Eagle Ridge is and has historically maintained an occupancy of at least 95 percent with a strong tenancy heavily weighted toward management, medical, professionals and government employees with sufﬁcient income to support the market rents. The apartment community for sale is one of the most modern, amenitized and well-maintained in the Monroeville market. It has a clear price/quality advantage that is reﬂected in its occupancy and rent. Eagle Ridge has a signiﬁcantly better amenity package than its competitors. In addition to the standard features, the property has a newly renovated business center, ﬁtness center, cafe, tennis courts, two heated swimming pools and remote access garages.
Eagle Ridge provides investors with a proven value-add opportunity, with two tiers of potential remaining value-add upside. Currently, 253 homes have not been renovated, with five units having a cabinet door upgrade only and one unit receiving an appliance upgrade. Ninety-three units received a “platinum” upgrade, which includes new oak Shaker-style cabinet doors, black appliances, faux wood vinyl flooring in kitchens, brushed nickel lighting in kitchen and living room, tile backsplash and faux granite kitchen countertops.
Eagle Ridge is a value-add apartment community for sale in suburban Pittsburgh. For more information on this commercial property in regards to the sale, loan assumption or available supplemental financing, please contact Nick Matt or Tom Rieck in HFF’s Pittsburgh office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.