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Release Date: Friday, January 23rd 2009
Pittsburgh region's multifamily vacancy rates among lowest nationwide
Pittsburgh Business Times - by Ben Semmes
Two Pittsburgh-area apartment buildings have sold for more than $10 million, as multifamily properties remain one of the only types of commercial real estate to attract buyers amid the downturn.
The Soffer Organization, owner of the SouthSide Works mixed-use development, expects to close this week on the $10.28 million sale of its 241-unit Penn Towers to Brookview Associates, an affiliate of St. Louis-based retirement home developer Brookview Group Ltd., said Cynthia Kamin, a broker with Downtown-based CB Richard Ellis Inc., which represented Soffer in the deal.
