H
ilco Real Estate Sales is pleased to announce the sale of a 110-unit affordable housing portfolio in Pittsburgh's Homewood South neighborhood. The sale, subject to US Bankruptcy Court approval, has bids due by August 14.

    The portfolio spans 21 buildings and all units are covered under a Housing Assistance Payments (HAP) contract, providing immediate income potential for the next owner. Currently operating at approximately 80% occupancy, compared to the local market average of 96%, there is substantial upside through stabilization, renovation, and operational efficiency improvements.

    With a trailing 12-month net operating income of around $614,000 and the backing of the in-place HAP contract, this portfolio offers a strong foundation for growth and improved returns. It's 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 presents strong fundamentals for multifamily and HUD housing investment due to steady demand from healthcare, education, and technology sector renters. The Homewood neighborhood offers 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.