BETHEL PARK, PA – Broadshore Capital Partners announced in a joint venture with an investment client that it has acquired the 338-unit Liberty Pointe community in Bethel Park, PA, a suburb of Pittsburgh. This transaction is the latest to be entered into through a programmatic real estate investment joint venture that focuses on equity and debt investments.
Founded earlier this year, the company is targeting value creation opportunities in apartment buildings such as Liberty Pointe and other commercial properties. Over the next 30 months, the company plans to make equity and debt investments ranging in size from $ 35 million to $ 75 million in approximately 8 to 12 properties. Broadshore is specifically targeting apartment buildings in markets and submarkets that the company believes are well positioned for growth and will benefit from improved management and capital investments.
"Broadshore has identified Liberty Pointe as the owner of the attributes it seeks in acquiring well-located apartment buildings in markets across the country that are well-positioned for growth as the US economy recovers from the COVID recession," said Brad Howe, Co-Co CEO, Broadshore, a national real estate investment and advisory firm. “Liberty Pointe is close to public transport links to the area's major employment centers and is surrounded by a diverse mix of quality retail stores and restaurants. The community is located in a sought-after suburban market and has a proven record of strong performance with low vacancy rates and competitive market rents. The MSA in Pittsburgh benefits from a number of world-class universities that are helping to transform the area from its historic reliance on manufacturing into a city known for innovation. "
Broadshore has identified a unit upgrade program that will add further value to this asset, building on the recently completed renovations to the common areas of the property.
Liberty Pointe offers 338 apartments, a mix of one and two bedroom floor plans in various configurations, in six four-story buildings spread across the beautifully landscaped 10.5 acres. The spacious residences have an in-unit washer and dryer, patio or balcony, large windows, and updated kitchens and bathrooms. The community offers a variety of coveted amenities, including a cyber café, clubhouse, 24-hour fitness center, and heated underground parking. The residents have ample outdoor areas, including a barbecue and kitchen area with comfortable dining area, a four-season fire pit, a swimming pool and a zoo.
Liberty Pointe is located at 35 Highland Road in Bethel Park and is conveniently located in the Upper St. Clair submarket of Pittsburgh, about nine miles south of the central business district. Liberty Pointe is just a short walk from a light rail station and provides residents with easy access to the area's employment centers. The community also benefits from a variety of nearby shopping, including an anchored Whole Foods hub, Trader Joe & # 39; 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 used its multi-family investment expertise, invested in US markets for more than 30 years, to identify, evaluate, and secure this opportunity. The property was represented by Christopher Doerr and William C. Harvey of Walker & Dunlop, who are members of the Bethesda, MD institutional sales team.