Cash flows to Pittsburgh-area apartments

Pittsburgh Tribune-Review - February 20, 2009
By Sam Spatter

Pittsburgh-area apartment buildings continue to find favor with out-of-town buyers.

And for good reason, experts say.

Apartment vacancies in the region stood at only 2.5 percent at year-end 2008 — the lowest vacancy rate in the nation, according to one report — and that's proving attractive to investors from other states.

"With our occupancy level close to 98 percent, it's no wonder that 70 percent of apartment building sales here are to out-of-town buyers," said Cynthia Kamin, senior vice president, CB Richard Ellis/Pittsburgh, a Downtown-based commercial real estate company.

Read more...