Village in the Park

JLL is pleased to present Village in the Park (the “Property”), a 103-unit property in Pittsburgh’s Perry North neighborhood, nestled within Observatory Hill along the eastern rim of stunning Riverview Park. The Property is two miles from the Central North Side and less than 4 miles from Downtown Pittsburgh. Village in the Park is situated on 11.075 acres and features five (5) two-story buildings comprised of spacious one- and two-bedroom units. Located right off Route 19 and less than a mile from I-279, the Property achieves superior accessibility to all major employment centers and the region’s most popular shopping, dining & entertainment.

The Property was developed in phases through the early to mid-1970s and has historically been maintained as needed. Within the last year, ownership invested significant defensive capital into the Property which included new roofs on buildings 2 and 5, new metal siding replacement on 90% of the Property, new asphalt, upgraded porches & porch reinforcement and patio door replacements. Approximately 50% of the units have been partially renovated with new LVP flooring & carpet fixtures, appliances, cabinetry, and open floorplans. Renovated rent comparables are achieving $350 and $450 premiums above the current in-place, renovated rents. In addition, occupancy is at 71.8%, below the submarket average of 95%, giving potential investors the opportunity to swiftly implement a renovation program. The Property is being offered free and clear of debt.