RRA Sells 43 Units in University City, Philadelphia for $5,380,000
PHILADELPHIA, PA, August 11, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of 33 apartments and 10 commercial units at 4441-7 Chestnut Street and 126-36 S. 45th Street in the University City neighborhood of Philadelphia. The properties are located just blocks from Drexel University and the University of Pennsylvania, making them a convenient option for students. The apartments have excellent occupancy history, and are typically leased to graduate students from U. Penn. The units also underwent a large scale renovation in 2008, which included over $1,200,000 in improvements.
This portfolio is primed to benefit from the Penn Connects Expansion Plan, which aims to boost the economic, educational and social capacity of Philadelphia, and to create seamless gateways between West Philadelphia and Center City. This 20 year plan and expanding growth of University City will continue to increase the demand and value for investment properties in the West Philadelphia area.
Vincent Tagliente, an associate at RRA, summarized the transaction, stating: “The strong price per unit we were able to secure, along with the area’s excellent rental history clearly illustrates the desirability and continued growth of the University City District. In essence, what we are seeing is investors willing to entertain investments with smaller yields in the short term with the confident expectation of future value and long term gains.”