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Pittsburgh Multifamily Expected to Fetch $23M

HOMESTEAD, PA-Continental Real Estate Cos., through a joint venture with Nationwide, is selling the last of its residential portfolio.

By Paul Bubny | Updated on September 15, 2008

HOMESTEAD, PA-A joint venture of Continental Real Estate Cos. and Nationwide Realty Investors is selling the Waterfront Apartments, a multifamily complex in this Pittsburgh suburb. The 235-unit luxury complex is the last of what had been a 3,500-unit multifamily portfolio developed by Continental and located primarily in the Pittsburgh and Columbus, OH areas. It’s also the last Continental-owned parcel within the 2.3-million-sf Waterfront mixed-use development.

Continental began selling off its multifamily assets in 2006. “I don’t know if that was ever one of their primary businesses,” Nick Matt tells GlobeSt.com. Managing director of Holiday Fenoglio Fowler LP, which is marketing the property for the JV, Matt adds, “They built apartments primarily in conjunction with their retail developments,” such as the Waterfront MXD.

More recently, Matt says, Columbus, OH-based Continental has been focusing more on “core competencies and property groups, and I think they’d probably say that’s retail and office to a certain extent.” Matt is confident that the Waterfront multifamily asset, which consists primarily of rental units, will find a buyer quickly.

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