Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Firm Set to Buy Strip Complex

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Firm Set to Buy Strip Complex

Article excerpt

A Delaware County company appears to be close to a deal to buy one of Pittsburgh's premier apartment complexes.

GMH Capital Partners of Newtown Square near Philadelphia has its eye on the Cork Factory Lofts in the Strip District.

The complex features the original 297-unit Cork Factory apartment building - a conversion of the former Armstrong Cork Factory - and the newer 96-unit Loft 24, which opened in 2012.

Since opening in 2007, the Cork Factory had been a hot seller in the Pittsburgh market, with very high occupancy rates. Loft 24 currently is filled, while the Cork Factory is 98 percent occupied.

Bruce Pilarczyk, GMH senior vice president of marketing, said he could neither confirm nor deny that the company was in the process of purchasing the complex.

The conversion of the former factory that produced cork for everything from life jackets to bottles of Heinz ketchup was the brainchild of a partnership that featured Chicago-based McCaffery Interests Inc. …

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