Royal Mile Sells Caste Apartments Complex
Morgan Management set to take over.
The sale was completed on Wednesday.
December 17, 2012
To our residents at Maiden Bridge and Canongate:
This letter serves to confirm what many have speculated regarding our apartment buildings: they are to be sold to a new owner as soon as this week. This decision was not easily made by the ownership. As you know, these are family-built, family-owned and family-run businesses and buildings. We take an immense pride in our employees, the buildings, and you, the tenants. And so it was with much difficulty that we have chosen to sell the apartments after nearly 40 years of ownership.
We are pleased to announce Morgan Management as the new owners of Maiden Bridge and Canongate. Morgan is a highly professional organization out of New York that has a portfolio of high performing, high quality residential apartment buildings. Like us, they grew from a family business. They have several other properties in the Pittsburgh area as well. Our decision to sell was helped knowing that Morgan would continue to operate our buildings and care for the tenants with the utmost care and respect.
I want to emphasize that, in term of day-to-day operations, you will see almost no difference whatsoever when the transition takes place. Most all of the faces and names that you are familiar with and that have provided great service to you will remain: Janet Schnuth, Rosemary Poznak, Margie Augenstein, Tommy Powell, just to name a few. The majority of the staff is being maintained, and we are happy because of it.
We hope you will welcome Morgan as the new owners. During the transition, all inquiries should be directed to your rental agents.
On behalf of myself and all of the owners of Canongate and Maiden Bridge, it has been our pleasure serving you, and we thank you for making the apartment buildings great.
The Allegheny County Assessment Web page shows a 40-plus-unit apartments complex at 100 Weyman Rd. as most recently owned by Maiden Bridge Limited Partnership, Mary Danielson, the estate of Mary Danielson, Philomena Teodori and the estate of Philomena Teodori.
The lot's size is 2.4 acres and was assessed in 2002 at $8.8 million in total value. However, a 2012 countywide reassessment put 100 Weyman's 2.4 acres at $9,240,400 in total value.
According to The Royal Mile Company website, "the Caste family has been a major provider of quality housing in the South Hills area of Pittsburgh for 80 years.
"Now in our third generation, we are active in land development, new home construction and property management. The property management division has been responsible for the family-owned Caste Village Shopping Center, the Maiden Bridge Apartments and Canongate Apartments for over 25 years."
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