PITTSBURGH, Dec. 1, 2014 /PRNewswire/ -- Last Wednesday, local real estate investor Jason Cohen closed on a historic 47-unit property in Squirrel Hill for more than $3 million. Though the multi-family property is currently in a state of total disrepair, its location in a prime neighborhood makes it an ideal acquisition for the repositioning specialists at Jason Cohen Pittsburgh.
"We saw an opportunity where a large property was deteriorating and being mismanaged in a superb location. These chances don't come often, so we jumped on it," said Jason Cohen.
Much of the planned $1 million in upgrades lean to the green side. Jason Cohen Pittsburgh will replace all lighting with energy-efficient LED lights. Improvements also cover plumbing fixtures with the latest water conservation technology and the addition of several site amenities that will leave a smaller footprint on the ecosystem. The addition of bike racks and welcoming of vehicle sharing programs will accommodate and promote environmentally conscious residents' lifestyles. A currently unused courtyard will be converted into useable space with outdoor seating and sustainable landscaping that requires little water. Jason Cohen hopes his energy-saving improvements will set a tone for other landlords who renovate older properties.
Jason Cohen Pittsburgh's renovations will also include an overhaul of the interiors. The investment group is contracting an out-of-state designer to completely redesign the premises. Each unit will be remodeled to include granite countertops and stainless steel appliances.
This acquisition, and its planned renovation, is one of many for Jason Cohen. The team at Jason Cohen Pittsburgh has been purchasing and repositioning dilapidated properties in otherwise desirable locations in Pittsburgh for well over a decade. The investment group owns several similarly repositioned multifamily properties in Squirrel Hill as well as Oakland, Shadyside, South Side, Regent Square, Dormont, and Mt. Lebanon.
Renovations are slated for completion by the spring of 2016 and the property will be available for renters during construction.
Jason Cohen Pittsburgh has been salvaging blighted properties in prime locations in Pittsburgh since 2005. The group members' commitment to due diligence and intimate knowledge of Pittsburgh enable them to make smart, profitable investments in a city where multi-family investing has been tightening as out-of-state investors take interest in strong fundamentals of the market.
To learn more about Jason Cohen Pittsburgh, visit www.jasoncohenpittsburgh.biz.
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SOURCE Jason Cohen Pittsburgh