Plum Borough's
Rimco Properties, Inc. announced last week it purchased
Chestnut Ridge Apartments in Robinson Township from Cleveland-based Associated Estates Realty Corp.
Financing for the $29.75 million deal was provided through
CB Richard Ellis Capital Markets' Pittsburgh office. The purchase price yields a cost of $68,568 per unit.
The 468-unit Chestnut Ridge, which is at 97 percent occupancy, includes one and two bedroom apartments ranging from 600 to 1,100 square-feet, starting at around $700 per month. The 25-acre property features a heated pool, tanning salon, two gazebos, a clubhouse with weight and cardio circuits, and basketball, racquetball, sand volleyball and tennis courts.
The apartments, which were constructed in 1987, will not require any major renovations, says William G. Cramer, president of Rimco, which manages more than 2,000 apartments in the region.
"Chestnut Ridge is a gorgeous property with fully mature landscaping, and its location is number one," says Cramer. "It's right on the Airport corridor, close to the new Settlers Ridge shopping and entertainment complex, and even more accessible with the new bridge connecting Campbells Run and Ridge Roads."
Located less than a mile from Chestnut Ridge Apartments,
Settlers Ridge is a $110 million, 600,000 square-foot, open air shopping center developed by
CBL & Associates Properties, Inc. Slated to open this fall, Settlers Ridge will include a 150,000 square-foot Giant Eagle Market District, REI, LA Fitness, Barnes & Noble, a 16-screen Cinemark theater, a P.F. Chang's China Bistro and a Courtyard by Marriott.
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Caralyn GreenSource: William G. Cramer, president, Rimco Properties; Katie Reinsmidt, vice president, corporate communications and investor relations, CBL & Associates Properties, Inc.
Image courtesy Rimco Properties