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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.

The property at 1500 Eagle Ridge Dr. in this suburb approximately 15 minutes from Downtown Pittsburgh consists of 12 buildings with an aggregate of 352 one- and two-bedroom units. Matt tells GlobeSt.com the rental rates range from approximately $700 a month to $945 a month.

Sentinel typically invests in commercial real estate that requires enhancements and upgrades the properties before selling them. Multifamily assets represent 85% of its $5-billion portfolio. It owns three additional multifamily properties in Pennsylvania. One is in nearby Coraopolis and the others are in the Greater Philadelphia market.

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