One on Centre

4500 Centre Avenue, Pittsburgh, PA, 15213, US

Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present One on Centre (the "Property"), a 329 unit, 723 bed student housing property serving University of Pittsburgh ("Pitt") and Carnegie Mellon University ("Carnegie Mellon" or "CMU," collectively the "Universities"). The Property services one of the most robust sets of demand drivers of any student housing property in the country. It is the only purpose-built student housing property, larger than 200 beds, built since 2000 that serves both Pitt and Carnegie Mellon. It is also pedestrian to several University of Pittsburgh Medical Center ("UPMC") hospitals. UPMC employs nearly 62,000 people across its system. Beyond the strength of the local "eds and meds," One on Centre is centrally situated in the Pittsburgh market, and within 2.5 miles of Pittsburgh's growing "AI Avenue," the one-mile stretch from Bakery Square to Duqlinq's East Liberty offices dotted with AI companies developing new technologies and leading innovation.

The Property is 97% occupied and tracking for another full lease-up with 3% effective rent growth. On top of a strong suite of demand drivers, the Pittsburgh student market is one of the most supply-constrained markets in the country, another key contributor to performance. Due to the infill nature of the area surrounding the Universities, there are less than 4,000 purpose-built, off-campus student housing beds in the university submarket, with additional beds a mile or further from campus that are not convenient to either university. Due to regulatory difficulties and limited developable parcels, there are only 480 capitalized beds in the pipeline.

One on Centre is a rare buying opportunity – one of the only properties of scale that will ever be possible in the Oakland market, and the only property that serves Pitt (28% first-year class growth in 2025) and Carnegie Mellon (#1 university in the United States for AI).

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Attributes

Occupancy

97%

Number of units

329

Beds

723

Media

Investment Highlights

ONLY INSTITUTIONAL ASSET SERVING PITT AND CARNEGIE MELLON
Most market properties are located to the South of Pitt's campus on Forbes Avenue.
One on Centre is the only asset built in the 2000s with over 200 beds situated between Pitt and Carnegie Mellon's campus.
Distinct accessibility advantage to One on Centre's location for service to CMU, given heavy traffic of Forbes Avenue.
CMU's median parental income is $194,000, 28% above the national average

HIGH BARRIERS TO ENTRY
The submarket surrounding University of Pittsburgh is infill, and there are numerous barriers to new development which make the construction of large-scale properties like One on Centre unlikely.
Nearly empty supply pipeline pedestrian to Pitt – there is just one project totaling 480 beds, and one uncapitalized proposal.
Remaining new development is pushed to non-pedestrian locations likely to serve other tenant bases.

TOP MARKET PERFORMANCE DRIVEN BY HIGH GROWTH
Pitt market: 96% occupied, 7% ahead year-over-year on pre-leasing, 3% rent growth.
There are just 12,000 purpose-built, off-campus beds serving Pitt, and less than 16,000 serving Pitt and Carnegie Mellon combined, compared to 47,800 students between the two universities.
In 2025 alone, Pitt grew its first-year class by 28%.
Combined University enrollment has grown by 13% since 2020.

CARNEGIE MELLON IS THE #1 UNIVERSITY FOR AI
Carnegie Mellon is one of the most prestigious STEM-oriented universities; 11% acceptance rate.
First university to introduce an undergraduate degree in AI, #1 ranking in the country for AI, above MIT, Stanford, and University of California, Berkeley.
For investors seeking exposure to universities that will benefit from the rise in AI, Carnegie Mellon is likely to be amongst the biggest winners.