Hilco Real Estate Sales Launches Bankruptcy Sale of 110-Unit Portfolio in Opportunity Zone Of Pittsburgh

NORTHBROOK, Ill., July 28, 2025 /PRNewswire/ -- Hilco Real Estate Sales (HRE), is pleased to announce the sale of a 110-unit affordable housing portfolio located in the Homewood South neighborhood of Pittsburgh, Pennsylvania. The portfolio sale is subject to approval by the United States Bankruptcy Court, with bids due by August 14.

Spread across 21 buildings, all 110 units are covered under a Housing Assistance Payments (HAP) contract, providing immediate income potential for the next owner. The properties currently operate at approximately 80% occupancy, compared to the local market average of 96%, offering substantial upside through stabilization, renovation and improved operational efficiency. With a trailing 12-month net operating income of approximately $614,000 and the backing of the in-place HAP contract, the portfolio provides a strong foundation for growth and improved returns, making it well-suited for both existing affordable housing providers looking to expand their portfolio and new entrants seeking a scalable entry point into the sector.

Pittsburgh offers strong fundamentals for multifamily and HUD housing investment through its steady demand from healthcare, education and technology sector renters and, within this market, the Homewood neighborhood presents significant opportunities for affordable housing strategies such as Section 8, Rental Assistance Demonstration (RAD) conversions or Low-Income Housing Tax Credit (LIHTC) redevelopment. Long-term city planning initiatives, including the Homewood Comprehensive Community Plan and Choice Neighborhoods, reflect sustained public investment in housing, infrastructure and community development. These efforts reduce investor risk while supporting long-term value creation through repositioning and stabilization.

Building on these initiatives, Homewood has become a focal point for active revitalization led by the Urban Redevelopment Authority of Pittsburgh. In February 2025, the City, in partnership with the Homewood Community Development Collaborative, started its targeted effort to remediate and demolish underinvested and outdated properties, laying the groundwork for new development. As part of this strategy, $2 million in federal American Rescue Plan Act funds were allocated to improve key sites near the neighborhood's business corridor. Together, these efforts highlight the city's ongoing commitment to neighborhood transformation, creating a supportive environment for multifamily investors looking to gain early footholds in a high-potential area poised for renewal.

"For investors looking to scale in a growing metro like Pittsburgh, this portfolio presents a compelling opportunity," said Jamie Coté, vice president at Hilco Real Estate. "Beyond the strong foundation of HAP-backed income and its central location, what sets this apart is the upside tied to both property-level improvements and broader neighborhood revitalization. With targeted management and modest upgrades, there's a clear path to long-term value as the city continues its investment in Homewood's renewal."

The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the District of New Jersey (Trenton), Petition No.: 25-15343-MBK, In re: CBRM Realty Inc. Bids must be received on or before the deadline of August 14, 2025, at 4:00 p.m. (ET) and must be submitted with the Purchase and Sale Agreement (PSA) available for review and download from Hilco Real Estate Sales' website. On-site inspections will be held on July 23 and August 6 by appointment only.

Interested bidders should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate's website. For further information, please contact Jamie Coté at (847) 418-2187 or [email protected] and Jonathan Cuticelli at (203) 245-0539 or [email protected].

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial, and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate