Brookfield Real Estate Income Trust's $90 million acquisition of 2626 South Side — a 264-unit multifamily building in Pittsburgh's Southside Works neighborhood — marks the entry of one of the largest global private equity firms into the market along with a new high-water mark for valuations in the city.
The deal received a 2023 CoStar Impact Award for sale of the year for Pittsburgh, as judged by real estate professionals familiar with the market.
About the project: The six-story, 264-unit apartment building first opened in 2016. It features one-, two- and three-bedroom apartments overlooking the Monongahela River.
The $90 million, or $340,909 per unit, deal closed in January 2022. The property was sold by City Club Apartments.
What the judges said: Judges praised both the pricing and the prominence of the deal.
"This sale represents a high watermark for multifamily valuations in the area along with the entrance of Brookfield residential into the market," said Kristen Hook, development manager for Dalian Development.
"The purchase raises the bar for all other multifamily projects in the market by setting a new standard," said Rick Belloli, principal for Q Development.
They made it happen: Bryan McCann, senior vice president, and Willis Croker, vice president of Capital Markets, Multifamily for Colliers International Pittsburgh; the Cushman & Wakefield team of Leigh Poulton, director; Karen Iman, managing director; and Jorge Rosa, executive managing director.
