Southpointe apartment complex for sale
October 1, 2018
A showpiece of Southpointe’s Town Center is for sale.
The Pittsburgh office of HFF is seeking buyers for 1400 Main, the large, chic apartment complex on the edge of the Main Street business district. There are 376 units and 651 structured parking spaces in the development, which covers 370,000 square feet and opened in 2015.
GMH Capital Partners, the eastern Pennsylvania firm that built and opened the complex, assigned the sale to HFF.
Nick Matt, a senior managing director for HFF, is spearheading the sale. There is no list price, but he anticipates selling 1400 Main in the area of $80 million. And it may not take long to close a transaction.
“These deals typically take anywhere from three to six months,” Matt said. “It’s recent construction, great location, all the attributes you want in a property.”
He added that a sale “won’t impact anyone living” at 1400 Main. “There may be a new property management name, but otherwise it should be a seamless transition.”
The complex features one- and two-bedroom apartments plus a heated outdoor pool, fitness center, clubhouse and guest suites.
Matt said 1400 Main has 93 percent occupancy, which is strong. He said there was a concern after the oil and gas industry experienced a downturn that began in 2015 – and which prompted some energy companies to leave Southpointe. But he said the percentage has stabilized, along with oil and gas, and that 1400 Main has a residential population with a more diverse range of professions.