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PITTSBURGH-Locally based Rimco Properties acquired Chestnut Ridge, a 468-unit apartment complex here from an institutional REIT for just under $30 million, in a deal brokered by Marcus & Millichap. The asset, at 3200 Chestnut Ridge Dr. in Robinson Twp., has 31 buildings and was formerly owned by Associated Estates Realty Corp.

The sales price came in at $82.69 per square foot. Developed in 1988, the asset has five varieties of one- and two-bedroom apartments. The other amenities at Chestnut Ridge include a pool, a fitness center, tanning salon and tennis and basketball courts.

“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,” said Matthew Friedman, a vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group. “The response from interested buyers in the marketplace was evidence of the apartment sector’s long-term stability.”

Rimco operates eight multifamily properties throughout western Pennsylvania and two mini-storage facilities. Associated Estates, based in Richmond Heights, OH, owns over 50 multifamily assets, mainly in the Midwest and Southeast.

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