Trellis North Fayette

About Trellis North Fayette

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Trellis North Fayette, a 155-unit asset in the dynamic North Fayette/Robinson area of Allegheny County in the Pittsburgh MSA. Originally constructed in 1998, Trellis North Fayette was fully renovated in 2022/2023 with unit upgrades, building exterior refurbishment, interior hallway modernization, and complete overhaul and creation of modern property amenities. The asset is uniquely positioned, with rents $300-$500 below nearby competing properties and allows investors the ability to add additional value through a variety of initiatives including expense reduction and implementing a billback of utilities which is currently included in the rent – an outlier among the Property’s competitive set. Trellis North Fayette is located in one of the most sought-after areas of the Pittsburgh MSA with significant nearby employment such as the corporate headquarters of FedEx Ground and Dicks Sporting Goods, Cigna and Thermo Fisher Scientific and over 5 million SF of high-end, big box and convenience retail all within a 15-minute drive. The location’s appeal is demonstrated in the outsized population growth and lofty median household income in the area around the asset, both outpacing Allegheny County and the Pittsburgh MSA as a whole. This demand translates to market leading apartment market fundamentals with rent growth in the submarket projected to average 3.5% annually over the next 5-years, exceeding that of the broader MSA. In addition to market growth, Trellis North Fayette presents intriguing organic growth potential with most recent renewals averaging increases over 4% and new leases achieving trade-out growth of 7.5%. Trellis North Fayette presents the rare opportunity to acquire a newly renovated asset with limited near term capital requirements at well below replacement cost, with significant upside in one of the Pittsburgh MSA’s most sought after suburban locations.