Castle Ridge

JLL is pleased to present Castle Ridge Apartments (the “Property”), a garden-style apartment community containing 136 units across six residential buildings, in Castle Shannon, PA, part of the highly desirable suburban South Hills of Pittsburgh. The Property includes two non-contiguous parcels. The Baldwin Street parcel, the primary parcel developed in 2004, features 112 units, while the other parcel off of Willow Avenue, less than half a mile south, was developed in 2017 and includes 24 units. The total unit mix includes 44 one-bedroom units, 68 two-bedroom units, and 24 three-bedroom units. The Castle Shannon neighborhood is proximate to abundant retail, dining, and entertainment options, including the South Hills Village Mall, and provides convenient public transportation access via a prominent light rail hub, with direct transit through the South Hills to Downtown Pittsburgh and the North Shore.

The Offering is a rare chance to acquire a well-maintained asset with a compelling value-add opportunity. Historical occupancy has been strong, averaging +97%, since 2023; however, market rent comparables are averaging 17%-26% higher per square foot (“SF”) for 1-, 2-, and 3-bedroom units. Unit interiors in the Baldwin Street units (112) have not been upgraded since construction, providing both the ability to renovate the units and push rents with the available mark-to-market opportunity.