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NORTH FAYETTE, PA – October 28, 2021 – Blue Ocean, the Maryland-based real estate investment firm, has expanded its footprint into the Pittsburgh suburbs with its latest acquisition. The company, along with its partner Walker & Dunlop Investment Partners (WDIP) acquired a 155-unit residential community in the North Fayette Township of Pittsburgh on October 14th. The community located at 1500 Park Lane Drive was built in 1998 and will be re-positioned and re-branded under the Company’s high-end “TRELLIS” brand, known as TRELLIS North Fayette.
The three-story garden-style community is situated on ~ 9 acres and is located in Allegheny, County, PA (1.22MM population) approximately five minutes from the Pittsburgh International Airport, immediately accessible to Parkway East/West and twenty minutes from Downtown Pittsburgh. The Property is situated in the well-known North Fayette Township and neighbors the Robinson Township, both of which are major draws for their established commercial and retail/shopping centers. Additionally, the community is walkable to the Montour Trail, known as the nation’s longest suburban rail-trail at 60 miles.
Earlier in 2021, Blue Ocean acquired a 96-unit community in Hunt Valley, Maryland that is currently in the midst of re-positioning and has officially re-branded to TRELLIS Hunt Valley. Evan Gallant, Chief Investment Officer and Principal of Blue Ocean stated “This marks Blue Ocean’s second, of what we hope to be many more TRELLIS communities across the country. We look forward to enhancing the North Fayette Township and the greater Pittsburgh suburbs with our investment here. We’re also equally excited about expanding our geographic footprint through our TRELLIS platform and look forward to continuing that growth over the coming years.”
Jonathan Ehrenfeld, President and CEO of Blue Ocean, stated “I am extremely proud of our team and equally thrilled to expand the Blue Ocean portfolio into Pittsburgh. We’re incredibly fortunate to have grown and evolved our company through economic cycles. Personally, I’m thrilled for our team and excited to see our TRELLIS platform grow.”
Brian Cornell, Managing Director of Walker & Dunlop Investment Partners stated “This investment continues our longstanding partnership with Blue Ocean. We look forward to helping to deliver another high quality, residential community with the Blue Ocean Team.”
About Blue Ocean Investments
Founded in 2004, Blue Ocean is a real estate investment firm, headquartered in Owings Mills, Maryland. Blue Ocean is active in a variety of sectors within the real estate industry including multifamily, industrial, hospitality, and self-storage sectors. Today, the Blue Ocean portfolio consists of approximately 3,000 multifamily units and over 3 million square feet of commercial and mixed-use property across multiple geographies.
About Walker & Dunlop Investment Partners
Walker & Dunlop Investment Partners (“WDIP”), is an alternative investment manager that provides capital solutions to middle-market commercial real estate sponsors. Founded in 2006, the Denver-based firm actively manages over $1.2 billion through a series of discretionary funds and separately managed accounts. For more information, visit wdinvestmentpartners.com.
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