BROADSHORE CAPITAL PARTNERS CLOSES ACQUISITION OF 338-UNIT APARTMENT COMMUNITY NEAR PITTSBURGH

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BROADSHORE CAPITAL PARTNERS CLOSES ACQUISITION OF 338-UNIT APARTMENT COMMUNITY NEAR PITTSBURGH

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LOS ANGELES – October 27, 2020 – Broadshore Capital Partners (Broadshore), in joint venture with an investment client, announced today that it has acquired the 338-unit, Liberty Pointe apartment community in Bethel Park, PA, a Pittsburgh suburb. This transaction is the latest made through a programmatic real estate investment joint venture focusing on equity and debt investments.

The venture, formed earlier this year, is targeting value-add opportunities in multifamily, such as Liberty Pointe, and other commercial properties. Over the next 30 months, the venture plans to make equity and debt investments ranging in size from $35 to $75 million, in approximately 8 to 12 properties. Broadshore is specifically targeting multifamily properties in markets and submarkets that the firm believes are well positioned for growth and that will benefit from improved management and capital investments.

“Broadshore identified Liberty Pointe as possessing the attributes it seeks as it pursues acquisitions of well-located, multifamily properties in markets across the country that are well positioned for growth as the US economy recovers from the Covid recession” said Brad Howe, co-CEO, Broadshore, a national real estate investment and advisory company. “Liberty Pointe is close to public transportation connecting to the area’s major employment centers and surrounded by a diverse mix of quality retail and dining. The community is located in a desirable suburban market and has a proven track-record of strong performance with low vacancies and competitive market rents.  The Pittsburgh MSA benefits from a number of world class universities that are helping to transform the area from its historical reliance on manufacturing to a city known for innovation.”

Broadshore has identified a program of unit upgrades that will further enhance the value of this asset, building on the recently completed renovations to the property’s common areas.

Liberty Pointe offers 338 apartments, a mix of one- and two-bedroom floorplans in a variety of configurations, in six four-story buildings spread across the beautifully landscaped 10.5-acre property. The spacious residences feature in-unit washer and dryer, a patio or balcony, large windows, and modernized kitchens and bathrooms. The community offers a host of sought-after amenities including a Cyber Café, club house, 24-hour fitness center and heated underground parking. Residents have abundant outdoor spaces including a grill and kitchen area with comfortable dining space, four seasons fire pit, swimming pool and pet park.

Located at 35 Highland Road in Bethel Park, Liberty Pointe offers a superior location in the Upper St. Clair submarket of Pittsburgh, approximately nine miles south of the central business district. Liberty Pointe is a brief walk to a light rail station, providing residents easy access to the area’s employment centers. The community also benefits from an abundance of nearby shopping options including a Whole Foods anchored center, Trader Joe’s and the South Hills Village shopping, dining and entertainment center.

Broadshore executives, Bryan Meyer and Alicia Fernandez, led the company’s team on the transaction. The team applied its expertise in multifamily investments, built over more than 30 years of investing in markets across the United States, to identify, evaluate and secure this opportunity. The property was represented by Walker & Dunlop’s Christopher Doerr and William C. Harvey, who are members of the institutional sales team in Bethesda, MD.

 

About Broadshore Capital Partners

Broadshore Capital Partners, LLC (“Broadshore”) was founded in 1989 (under a predecessor name) and became an SEC registered investment adviser in 1991.  In 2019 the company rebranded following a buyout led by its long-time partner, The Guardian Life Insurance Company of America.  Broadshore is a leading national real estate investment management and advisory services company with approximately $1.54 billion in assets under management as of June 30, 2020.  The firm provides real estate advisory services to a select list of international institutions, public pension funds, insurance companies and high net worth individuals.  Broadshore is based in Los Angeles and retains regional offices in New York, Denver, Seattle and Phoenix.

 

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Media contact:

Karen Diehl

Diehl Communications

karen@diehlcommunications.com

310-741-9097

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