HFF closes sale of Eagle Ridge Apartments in Monroeville, PA

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Eagle Ridge Apartments (top left photo), a 352-unit, luxury multi-housing community in Monroeville, Pennsylvania.

HFF executive managing director Gerard Sansosti  and managing director Mark Popovich (middle right photo) led the investment sales team on behalf of the seller, Abacus Capital Group LLC.

 ER Partners, LP, an affiliate of Ringham Corporation, purchased the property for $25,000,000 and assumed existing financing.  HFF also arranged the sale and financing of Eagle Ridge Apartments in 2007 to Abacus Capital Group LLC on behalf of Sentinel Real Estate Corporation for $20.7 million.

Situated on 45 acres overlooking Parkway East (Interstate 376), Eagle Ridge Apartments is located at 1500 Eagle Ridge Drive in Monroeville, close to the UPMC hospital opening in 2012, the Pennsylvania Turnpike and downtown Pittsburgh. 

The 94% leased property has 13 residential buildings with one- and two-bedroom units averaging 911 square feet each.  Community amenities include a clubhouse, business center, fitness center, car wash center, two heated pools and two tennis courts.

“Eagle Ridge Apartments has a truly irreplaceable in fill location.  No apartments have been built in the submarket since 1990 and there are no new properties presently planned or under construction,” said Sansosti.

Abacus Capital Group LLC is a New York, New York-based investment advisor specializing in multifamily housing.  Since its formation in 2004, the company has purchased over $600 million of apartment assets on behalf of institutional and high net worth clients.

 For further information about Abacus, please contact Benjamin Friedman at (212) 203-4959 or Gregory Lyden at (212) 203-4962, or visit http://www.abacuscapitalgroup.com/

Ringham Corporation is a Pittsburgh-based private investment company with 35 years of experience in multi-family housing and private equity investing.  For further information about Ringham, please contact Jonathan Ringham or Michael Dvorsky at 412-372-1746.

Contacts:

Gerard Sansosti, HFF Executive Managing Director, (412) 281-8714, gsansosti@hfflp.com

Mark Popovich, HFF Managing Director, (412) 281- 8714, mpopovich@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com