PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale The Waterfront Apartments, (top right photo) a 235-unit luxury multifamily complex along the Monongahela River in Pittsburgh, Pennsylvania.The HFF investment sales team will be led by managing directors Nick Matt, (middle left photo) Claudia Steeb and Oliver Shoemaker who are exclusively representing the seller, a joint venture between Continental Real Estate and Nationwide Realty Investors.
The property is listed for sale without a formal asking price free and clear of debt.
Completed in 2001, The Waterfront Apartments has one-, two- and three-bedroom units and townhomes averaging 1,049 square feet each. Residents have access to a clubhouse, resort-style swimming pool, outdoor grill, car wash area and laundry facilities.
The 97% occ
upied property is located on a 10.7-acre site at 611 East Waterfront Drive, within the larger Waterfront mixed-use development five miles south of Pittsburgh’s central business district.
upied property is located on a 10.7-acre site at 611 East Waterfront Drive, within the larger Waterfront mixed-use development five miles south of Pittsburgh’s central business district. The Waterfront development has 2.3 million square feet of retail, office, restaurants, hotels and entertainment venues.
"Going forward, demand for rental housing is expected to be fueled by a lack of available credit for single family housing,” said Matt. “At the same time, there is a limited new supply in the pipeline. With very little current vacancy, effective rents are expected to increase.”
Continental Real Estate Companies began over fifty years ago as a quality office supply company and evolved into the largest supplier of office products and furnishings in Ohio. In 1973, Continental became actively involved in the building and development of commercial real estate primarily through the n
eed to develop facilities for other businesses.
Continental Real Estate Companies began over fifty years ago as a quality office supply company and evolved into the largest supplier of office products and furnishings in Ohio. In 1973, Continental became actively involved in the building and development of commercial real estate primarily through the n
eed to develop facilities for other businesses. Since that time, Continental has developed in excess of 3,000,000 square feet of office and office/warehouse space, 3,000,000 square feet of retail space and 3,000 apartment units.
Nationwide Realty Investors, Ltd. (NRI) is a recognized real estate developer and equity investor. The company, a subsidiary of Nationwide, is active throughout the United States with developments and investments in the office, commercial, retail, hotels, restaurant and residential real estate markets. Directly and through joint ventures, NRI controls more than $1 billion in real estate investments.
CONTACTS:
Nicholas Matt, HFF Managing Director, 412 281 8714, nmatt@hfflp.com/
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com/
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