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Eagle Ridge Apartments Hit Market for $24M

MONROEVILLE, PA-After a 17-year hold and $1.4 million in improvements, Sentinel Real Estate Corp. is set to cash in on behalf of a pension fund client.

By Marita Thomas | Updated on February 15, 2007

(To read more on the multifamily market, click here.)

MONROEVILLE, PA-Sentinel Real Estate Corp. has put the Eagle Ridge apartment complex up for sale at an asking price of $23.5 million, or about $66,761 a unit. The New York City-based institutional investment management firm, which is among the largest holders of multifamily properties in the US, has held this asset since its completion in 1989 and since invested $1.4 million in capital improvements. The asking price represents a 7% cap rate.

“This has been an especially long hold for Sentinel,” says Nick Matt, managing director of the Pittsburgh office of HFF LP, formerly called Holliday Fenoglio Fowler. “With occupancy at 95% and healthy market conditions, the timing is right for disposition of the asset on behalf of Sentinel’s pension fund client.” Matt and Girard Sansosti, senior managing director of the HFF office, lead the marketing team.

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