Tuesday, September 3, 2013
Jason Cohen, Chief Consultant at Jason Cohen Pittsburgh, has completed the reinvestment of proceeds, obtained from a sale on March 28, 2013 in the South Oakland area of Pittsburgh, back into the Pittsburgh economy, with the closing of an 18-unit apartment building on Friday, August 30, 2013 in Regent Square. At a time when the Pittsburgh real estate market is finally being noticed by the masses, having experienced its first population increase in over three years, this reinvestment only adds fuel to Pittsburgh’s fire. By utilizing the services of a 1031 exchange qualified intermediary and by choosing to reinvest the proceeds from the sale back into like-kind property (selling multi-family property then buying multi-family property with those funds), Mr. Cohen was able to maximize the amount that he could reinvest back into the local economy.
When asked about his experience with this process, Mr. Cohen said, “We made a promise to Pittsburgh several months ago, that selling the property in South Oakland was not a sign we were divesting, but rather just the opposite; that we would put that money right back into the Pittsburgh real estate market.” That he did. With today’s closing, Jason Cohen’s reinvestment into Pittsburgh ends up being more than double the amount of the proceeds from the original sale outlined in a press release on April 22, 2013, featured in the Wall Street Journal.
This reinvestment, totaling $1.5 million, afforded Jason Cohen Pittsburgh the opportunity to take part in the acquisition of five more local properties. The acquisitions occurred in some of the most premiere neighborhoods of Pittsburgh. One purchase was a 7-unit property in Shadyside and a 4-unit property in Squirrel Hill, another was a 3-unit property in the South Side, and the last was two properties totaling 18-units in Regent Square. While this is Jason Cohen Pittsburgh’s first delve into the Regent Square area, this purchase already positions Mr. Cohen as one of the largest multi-family owners in Regent Square.
Regent Square is an up and coming area of Pittsburgh and runs through four municipalities: the City of Pittsburgh, Edgewood, Swissvale, and Wilkinsburg. It has a unique shopping district and is comprised mostly of family and independently owned businesses. While predominantly smaller multi-family properties exist in this neighborhood (6 units and below), Jason Cohen was able to combine two of the larger properties in the highly sought after Braddock Avenue section of Regent Square.
Shadyside and Squirrel Hill are also ideal locations for living. Shadyside is home to many upscale stores, boutiques and businesses located along three corridors: Walnut Street, Ellsworth Avenue and South Highland Avenue. The majority of Squirrel Hill's business areas are located along Forbes and Murray Avenues. In addition to these, there are a number of longtime, non-profit organizations in the area and many annual events are hosted in Squirrel Hill by various community organizations. The South Side of Pittsburgh is also a model place to reside offering plenty to explore along bustling East Carson Street, and plenty of green spaces to enjoy (South Side Park, South Side Riverfront Park, Armstrong Playground, Ormsby Recreation Center).
Jason Cohen Pittsburgh is one of the largest and most rapidly growing small to mid-size multifamily investors in specific Pittsburgh markets, with the first commercial property being acquired in 2004. The company is a consulting forum for Jason Cohen and others to unite and package together specific real estate strategies tailored to the unique financial situation and goals of each client. Jason Cohen Pittsburgh represents, and has provided, real estate consulting services to everyone from private citizens to seasoned investors and real estate professionals. Cohen’s group is set apart by the customized process designed exclusively for each client to succeed in their real estate activities.