(Read more on the multifamily market.)
CORAOPOLIS, PA-New York City-based Sentinel Real Estate Corp. has put the 268-unit Highlands at Montour Run apartment complex up for sale at an asking price of $25 million. In mid-February it put the 352-unit Eagle Ridge complex in Monroeville on the sales block, as GlobeSt.com reported.
With disposition of the two assets, Sentinel exits the Greater Pittsburgh market. The 13-building Highlands complex on approximately 45 acres at 100 Lincoln Highlands Dr. was built in joint venture between Dallas-based Lincoln Property Co. and JP Morgan Investment Management in 1999, which makes it about 10 years younger than the Eagle Ridge asset.
According to Allegheny County records, Sentinel acquired the Highlands in December 2000 for $20.9 million. Nick Matt, managing director of the Pittsburgh office of HFF LP, heads the marketing team for both properties and tells GlobeSt.com that the sale of Eagle Ridge has not yet closed, but is in process.
"The issue for Sentinel in the Pittsburgh area is that it's hard to get mass in multifamily properties here," Matt says. "There's very little trading here, and Sentinel generally wants to be in areas where it can have a larger portfolio.
"The location, midway between the Pittsburgh CBD and the airport, as well as its later development, accounts for Highlands' higher price," he says, which is $93,284 a unit, versus $66,761 for Eagle Ridge. Highlands is 97% leased, Matt says. Rates for a one-bedroom unit begin at $750 a month, and three-bedroom layouts reach to $1,425 a month.
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