Marcus and Millichap Sells Apartment Community in Pittsburgh for $29.75M

PITTSBURGH, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the disposition of Chestnut Ridge, (top left photo) a 468-unit apartment community in Pittsburgh.

The sales price of $29.75 million represents $63,568.38 per unit and $82.69 per square foot.

Matthew Friedman, (middle right photo) a vice president investments and senior director of the firm’s National Multi Housing Group in Encino, and David Poluszejko, an associate in the Pittsburgh office, represented the seller, an institutional investor. Marcus & Millichap also represented the buyer, a local private investor.

“Located in a market that experiences very minimal property turnovers, this quality institutional-sized asset is well positioned to benefit the investor over the long term, given its affordable rental rates and continuing stability,” says Friedman.

“In the current economic climate, well-located multi-family properties are poised to perform more favorably than the other major property types: office, retail and industrial. The response from interested buyers in the marketplace was evidence of the apartment sector’s long-term stability.”

The property is located at 3200 Chestnut Ridge Drive in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh.

Developed in 1986, the 359,760-square foot Chestnut Ridge apartment complex features 31 buildings on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts designed to attract a variety of renters.

The well-appointed units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces.

Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts.

The property also has a tanning salon, fitness center and ample parking, including carports and attached garages.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716