(Read more on the multifamily market.)
MONROEVILLE, PA-Abacus Capital Group LLC has acquired EagleRidge Apartments for $21.7 million. This is the New York City-basedmultifamily investment firm's first buy from Abacus Multi-FamilyPartners I LP, a newly closed commingled fund with up to $400million to invest.
The seller is Sentinel Real Estate Corp., also based in New YorkCity, which put the 12-building, 352-unit property up for sale thisFebruary. As GlobeSt.compreviously reported, Sentinel had held the property since it wascompleted in 1989. Nick Matt, managing director, and GirardSansosti, senior managing director of the Pittsburgh office of HHFLP marketed the property.
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