Eagle Ridge Apartments

Monroeville, PA

  • Target Annual Cash 9.9%
  • Target IRR 16.6%
  • Target Equity Multiple 2.3x
  • Asset Profile Core Plus
  • Minimum Investment $50K
  • Estimated Hold 6-7Y

This deal is oversubscribed

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Merion Realty Partners Wynnewood, PA

Multi-Family Property

About this Property

Eagle Ridge is a Class-B, 352 unit, garden style multifamily community that was constructed in 1989. The community is located in Monroeville, PA which is a suburb of Pittsburgh. Eagle Ridge Apartments offers investors an opportunity to acquire a well located and stable community with quantifiable value add opportunities via:

  • Unit interior upgrades.
  • Clubhouse and leasing center remodel.
  • Property amenity upgrades.
  • Professional management by Merion Residential, an affiliate of Merion.

The community was constructed in 1989, is in good physical condition, very well located, has a solid resident base and has experienced 97% occupancy over the past seven years. Current ownership has invested $4.6 million since 2010 in a number of asset preservation measures and value add enhancements and offers an excellent opportunity for Merion to further improve. Merion’s business plan focuses on further improving the physical asset including a light remodel of the clubhouse, leasing center, pool area and amenity package. Only 93 units have been upgraded thus far and based upon the success of this program, Merion has underwritten continued renovations during the hold period using Merion's Simply Modern upgrade program.

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Key Points

  • Eagle Ridge Apartments has a very good reputation within the market and is the second most recently constructed multifamily community in the submarket. Barriers to entry for new apartment stock is high and there are no known new apartment developments in this market.
  • Eagle Ridge competes with older, functionally obsolete apartment product that do not offer many of the amenities and services available at Eagle Ridge.
  • Eagle Ridge has washer dryers in every unit, individual HVAC and hot water heaters, a spacious site plan and best in market amenity package that positions the property to be the market leader during the investor hold period. Merion will improve the already successful interior upgrade program and will bring best management practices to further differentiate Eagle Ridge as the market leader relative to its competition.

Financials

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Offering Financial

Location Details

Monroeville, PA

Monroeville is a suburb of Pittsburgh and is located at the crossroads of several major North and South, East and West highways which have historically been the primary driver to Monroeville's continued development. Monroeville's employment drivers include a regional mall and a retail corridor, Allegheny Health Network's Forbes Hospital which has 315 beds and the 2012 newly constructed University of Pittsburgh Medical Center Hospital (UPMC) which has 156 beds and surgical center.

Occupancy within the Monroeville has historically been in the mid to upper 90% range the area has major barriers to entry for new apartment product.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

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The first projected distribution is scheduled for June 2018.

Distributions are scheduled to go out on a quarterly basis.

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