Philadelphia Mgmt. Co. buying Penn-Garrison for $13.5 million (Pittsburgh: apartments, price)

[BrianTH]

PMC is the same company that bought the Verizon building with the plan to convert it to apartments:

PMC to buy Penn Garrison | Pittsburgh Business Times

On the surface, this deal isn't all that exciting, since the Penn-Garrison is already converted to apartments (although they plan to add four more units). But it is notable in part just for the price they paid, which should encourage more apartment developments Downtown. PMC is also a HUGE player in Philly, and they converted a lot of smaller office buildings into apartments in Center City:

Ron Caplan: The biggest developer you've never heard of | Philadelphia Business Journal

Their ongoing interest in Pittsburgh and growing portfolio here is therefore good news from my perspective. I suspect they see an opportunity to get into this market at a similarly early stage as they got into Philly.

[pman]

not to be overlooked, it's passing from the RIDC into private hands indicating, as does the price, the maturing of the market and it should also free up the RIDC for another project.

[BrianTH]

Originally Posted by pman

not to be overlooked, it's passing from the RIDC into private hands indicating, as does the price, the maturing of the market and it should also free up the RIDC for another project.

Excellent point (although to clarify, the RIDC is private, albeit a non-profit).