CAMPUS ADVANTAGE® AND PINECREST BREAK GROUND ON PURPOSE-BUILT STUDENT HOUSING PROJECT AT THE UNIVERSITY OF PITTSBURGH

Austin, Texas, Aug. 22, 2017 -- Campus Advantage® and Pinecrest have broken ground on a 197-unit, 489-bed ten story student housing community near the University of Pittsburgh and Carnegie Mellon University in Pittsburgh, Pennsylvania. Located on Forbes Avenue, The Bridge on Forbes fronts onto the main retail corridor for students attending both universities and is also located steps away from UPMC – Montefiore and Magee Womens Hospital in the thriving Oakland neighborhood of downtown Pittsburgh.

The community will feature fully-furnished studio, 1-bedroom, 2-bedroom and 3-bedroom apartments and offer residents a walkable location to the University of Pittsburgh and Carnegie Mellon University campuses.

Each fully-furnished residence will include a living room TV, dishwasher, microwave, high-quality range, quartz countertops, refrigerator, in-unit washer and dryer, cable and high-speed internet, all of which will be included in monthly rental rates. Each individually leased bedroom will include a bed, dresser, desk, chair and ample closet space.

Community amenities will feature a clubhouse on the third floor with multiple study and collaboration rooms, a computer lab, flat screen TV’s, a 24-hour indoor fitness center, secured indoor garage parking as well as two outdoor courtyard spaces with seating, firepits and multiple grilling stations. Ground level amenities will include a resident lobby with on-site leasing and management offices as well as an Arby’s location.

The Bridge on Forbes is being co-developed by Campus Advantage and Pinecrest. Previously, Campus Advantage and Pinecrest teamed up on the successful development and on-time delivery of The Knox in Knoxville, TN, which has become the premier living community for students attending the University of Tennessee. Campus Advantage will provide professional property management services upon completion of construction.  

“We are thrilled to work with Pinecrest to offer this type of purpose-built student housing project just steps from the University of Pittsburgh and Carnegie Mellon University campuses,” said David Pierce, Executive Vice President of Development at Campus Advantage. “The location and quality of the project, combined with our proven expertise in student housing management and dedication to creating rewarding living and learning experiences for students, will set it apart from existing residence options.”

“Pinecrest is enthusiastic about the positive development that is occurring on Forbes Avenue and in the Oakland neighborhood,” said Tyler Perlmutter, Director of Investments for Pinecrest. “We have worked diligently alongside the Oakland Business Improvement District to design The Bridge on Forbes with the intention of achieving the broader goal of improving the area for people who live, work and socialize in Oakland and the City of Pittsburgh. This opportunity fits well with Pinecrest’s strategy of creating premier student housing communities, well located near top tier universities.”

The general contractor for the project is Rycon Construction and the architect is Desmone Architects, both of which are local firms headquartered in Pittsburgh.


About Campus Advantage
Campus Advantage® is an Austin-based real estate firm that offers student housing management, development, acquisition, and consulting services. The company has been creating successful communities since its founding in 2003 and are trusted partners and advisors to a wide range of customers that include institutional lenders, universities and community colleges. Its proven expertise and time-tested approach creates better student living experiences, which in turn creates financial success. For additional information, please visit campusadv.com.

About Pinecrest
Pinecrest is a Chicago-based real estate firm that provides a focused investment strategy, supplying capital and development expertise to create high quality, purpose-built, campus-proximate student housing throughout the U.S. Pinecrest executes its strategy through joint ventures with developers and operators, as well as through independent investment and development. Pinecrest is an affiliate of Perlmutter Investment Company, a multi-disciplined real estate investment company established in 1998. Pinecrest is based outside Chicago in Highland Park, Illinois, with additional offices in New York City, New York and Beverly Hills, California.

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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/10b44b19-8f6d-4564-933a-20c83237b417

Lisa Koetz
Bloom Communications
503.805.6538
[email protected]