1627 on the Strip

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire 1627 on the Strip (the “Property”), a 72-unit, 99% occupied mid-rise apartment community in Pittsburgh’s thriving Strip District with assumable fixed-rate debt at 4.99%. Fully redeveloped in 2018, the Property offers authentic historic loft architecture—an irreplaceable asset that would be prohibitively expensive to replicate today—featuring 11 studios, 48 one-bedrooms, and 13 two-bedrooms, plus 4,370 square feet of fully leased retail.

The Property’s industrial loft character provides a distinct competitive advantage over newly constructed multifamily assets, with soaring 14’ to 24’ ceilings, oversized windows, stone countertops, stainless steel appliances, and polished concrete floors. Amenities include an expansive rooftop deck with grilling area, fire pit, and dog walk, plus an indoor rooftop lounge with kitchenette and entertainment space.

In-place rents trail the Strip District’s Class A competitive set by approximately 35% for studios, 25% for one-bedrooms, and 20% for two-bedrooms. While the Property’s unique in-unit finishes remain highly desirable, common areas lag newer competition. A targeted common area amenity refresh positions new ownership to capture substantial upside without the capital intensity or operational disruption of unit renovations.