MARCUS & MILLICHAP BROKERS $29.75 MILLION APARTMENT COMMUNITY SALE

PITTSBURGH — Marcus & Millichap has completed the $29.75 million disposition of Chestnut Ridge, a 468-unit apartment community in Pittsburgh. Matthew Friedman of Marcus and Millichap’s National Multi Housing Group in Encino, and David Poluszejko, of the firm’s Pittsburgh office, represented the seller, an institutional investor, and the buyer, a local private investor. The property is located at 3200 Chestnut Ridge Dr. 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 complex features 31 buildings set on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts. The 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, a 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, a fitness center and ample parking, including carports and attached garages.