PITTSBURGH, PA – MultiVersity Housing Partners (MVHP) has been awarded management of Union on 5th, located steps from the campus of Duquesne University and less than 2 miles from University of Pittsburgh. MultiVersity Property Management (MVPM) will be overseeing the management of this Class-A student apartment property as well as all plotted property improvements.
Union on 5th was converted into loft student apartments in 2016 and is made up of two-bedroom and three-bedroom apartments. The stylish apartments feature 20 ft plus ceilings, exposed brick walls, LVT and ceramic flooring, stainless steel appliances and are fully furnished. The property is 98% leased for the 2019-2020 lease term (school year).
MultiVersity Property Management (“MVPM”) has been appointed property manager, and will bring their forward-thinking approach and expertise in property management to maintain the assets position as Duquesne’s premier student housing option. As part of the property improvements, MVPM will be redesigning the lobby, relocating the office and leasing area, adding study space, renovating the hallways, added Luxer One package locker and constructing additional beds.
Union on 5th residents will be pleased with the hands-on approach of the MVPM team. MVPM prides itself on attention to detail and best in class customer service. An innovative and exciting resident retention platform will be implemented immediately.
“We look forward to adding our professional and hands on approach to this incredible asset. With MVPM’s oversite the property improvements that we have plotted will take this asset to the next level,” Christopher Feeley, Managing Partner of MultiVersity Housing Partners and MVPM. “We are excited to enter the Pittsburgh market, as Pittsburgh is home to our Operations team and office. We look forward to building a large presence in Pittsburgh and the evolving uptown neighborhood in particular,” Anthony Magnelli, Principal of MultiVersity Housing Partners and MVPM.

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LOS ANGELES, CA – As California goes through its coronavirus crisis, progress towards development of permanent housing options for the homeless becomes an ever more apparent public health and safety priority.
In Los Angeles, an vital model for PSH is making its way through the plotting process and is due for approval and construction start over the next six-month period.
Enlightenment Plaza will be a place where the formerly homeless can find an environment designed to provide the best support for their recovery and reintegration into the main stream of American life at a pace that they can control.
Located in an area which will not intrude into surrounding neighborhoods, but will nevertheless be within a transit intensive zone.
Anchored by its proximity to the metro red line station at Beverly and Vermont, Enlightenment Plaza will complement the existing facilities that have been developed by path in the same area, with 330 additional units of PSH, with places for veterans, and other homeless men and women who have experienced chronic homelessness.
The development is plotted to encompass four to five phases of development over the next three years which will focus on delivery of on-site services and a variety of entrepreneurial activities designed to bring the tenants back into mainstream America, with emphasis on the “social contract” concepts of the Enlightenment theorists that are still of such basic value and currency today.
By building a complex of sufficient size, the project development team, comprised of the Pacific Companies, Flexible PSH Solutions and Killefer/Flamang (KFA) Architects, has been able to design a gated community which will provide the desired place of refuge for the tenants while taking advantage of shared facilities and modular technology designed to hold the cost per unit at the $450,000+/- level, or roughly $200,000 below the norm for recent scattered site PSH developments.
The development will have the added advantage of displacing a long time on-street camping enclave which has symbolized the problems of the homeless in the area over the past four to five years.
Stay tuned for progress reports on this model development.

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JACKSONVILLE, FL – Broadshore Capital Partners, in joint venture with an investment client, announced that it has bought the 280-unit Victoria at Orange Park apartment community in Jacksonville, FL, for $37.1 million. This is the first transaction through a new programmatic real estate investment joint venture focusing on equity and debt investments.
The new venture is targeting value-add opportunities in multifamily, such as Victoria at Orange Park, and other commercial properties. Over the next 30 months, the venture plans to make equity and debt investments ranging in size from $35 to $75 million, in approximately 8 to 12 properties. Broadshore is specifically targeting multifamily properties that will benefit from improved management and capital investments.
Victoria at Orange Park is an example of a value-add multifamily investment that meets the criteria for our new joint venture. Broadshore s team applied its expertise in multifamily investments, built over more than 30 years of investing in markets across the United States, to identify, evaluate and secure this opportunity, said Brad Howe, co-CEO, Broadshore, a national real estate investment and advisory company.
Victoria at Orange Park offers 280 units, configured as one- and two-bedroom floorplans, in 13 low-rise buildings set across 20 acres of manicured open space with abundant amenities including a resort-style pool and clubhouse. Broadshore plans a program of capital improvements to update individual residences as well as communal spaces. Built in 1986, the property has undergone periodic renovations, which the joint venture will build on, advancing unit improvements such as new appliances, flooring and fixtures, along with screening in porches, to bring them up to today s modern standards and align with the demands in the community. Further, the property s amenities and common areas will be refreshed with updates to the fitness center, opening of a business center, new furniture and fixtures for outdoor and indoor gathering spots, as well as investment in property infrastructure.
Located at 1710 Wells Road, Victoria at Orange Park has high visibility on this busy commercial corridor and provides residents simple access to the area s mix of retail and restaurants and the Orange Park Mall. The property also is convenient to major area thoroughfares connecting to downtown and the airport.
We are aware that many transactions in today s turbulent market have either been cancelled or place on hold. The fact that we are proceeding with this acquisition speaks to the strong conviction we have about the market and this opportunity, as well as the integrity of our firm and our focus on honoring our commitments, stated Howe.

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