Completed in 1972, Emerald Ridge, located at 101 Gibbsboro Rd., consists of 28 two-story buildings with a total of 376 one- and two-bedroom units with on-site parking. “This was a valued-add opportunity with upside potential,” says Weilheimer. “Many capital improvements were being made and the seller was offering attractive financing to interested investors. We were able to generate a great deal of interest in the property from both local and regional clients.” When completed, Weilheimer adds that approximately $1 million will have been invested in the property. At the time of closing, nearly three-quarters of the asset was occupied.

Alcoma on the Green is located at 225 Alcoma Blvd. and includes an apartment tower built in 1975 and a garden apartment building built in 1977 with a property-wide total of 222 units. “Another broker had the property listed for sale but was unable to procure an acceptable purchaser,” says Holland. “Given the strength of the Pittsburgh multifamily market, there was strong interest among local, regional and national investors. The job market is stronger than in many other parts of the country and housing is in demand.”

Home Properties of Newark is located at 146 Chestnut Crossing Dr. and includes 432 studio, one-, two- and three-bedroom units in 19 back-to-back garden apartment buildings built in 1968 with on-site parking.