Asking price is $15 million for housing complex near PPG Paints Arena

Pittsburgh Post-Gazette

Two years after opening, a student housing complex across from PPG Paints Arena has hit the market.

SVN/Three Rivers Commercial Advisors is offering the 35-unit Union on 5th Avenue apartment building, with an asking price of $15 million.

The six-story building is owned by Pittsburgh Student Housing LLC, an affiliate of Michigan-based Cypress Partners, which specializes in multifamily housing. It bought the Uptown property, which once housed a law office and a district justice office, in 2015 for $3.1 million, according to Allegheny County real estate records.

The 45,000-square-foot complex features fully furnished two- and three-bedroom loft style apartments ranging from 585 to 1,100 square feet in size. Its 94 beds are on individual leases.

Seeking to capitalize on the location across from the arena, some of the units feature names such as The Bettis, The Mario, The Pirate, and The Penguin.

The student apartment building is near Duquesne University but is not affiliated with that school or any other. It represented Cypress Partners’ first project in Pittsburgh.

Neither company officials nor Jason Campagna, the SVN managing director who is marketing the property, could be reached for comment.