A joint venture between Buligo Capital and Graycliff Capital bought Ascent Four Thirty, a 319-unit apartment community located in Wexford, Pennsylvania, for $61m. The property is located 25 minutes north of the Pittsburgh Central Business District. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The NRP Group, and found the buyers. Built in 2015, the asset features 17 three-story residential buildings, a 2,500 sq ft fitness center, a large conference room and a resort-style heated swimming pool.
“Ascent Four Thirty’s best-in-class resort-style amenity package, combined with its modern, high-end interior finishes and first-class location, make the community a highly desirable choice for discerning renters,” said Michael Barron, senior managing director at IPA. “As demonstrated by the asset’s 61 ‘premium’ apartments, the implementation of select interior improvements will reposition the property for increased revenue.”
