PHILADELPHIA, PA–(2/27/18) – Rittenhouse Realty Advisors is pleased to announce the sale of 18-20 W. Girard Avenue in the Fishtown neighborhood of Philadelphia. The property is ground-up new construction with a total of 16 units. The building has 15 apartments and one street-level commercial unit with a long-term lease to Sherwin Williams. The apartments are one and two-bedroom units that feature high ceilings and modern finishes.
Fishtown has always been a stable neighborhood but the renaissance occurring in recent years has increased its attractiveness to young professionals and families. Fishtown is known for some of Philadelphia’s best restaurants, cafes, and music venues in addition to a lively nightlife scene. 18-20 W. Girard Avenue is within walking distance to famed music venue Johnny Brenda’s, and the much lauded Pizzeria Beddia, and Wm. Mulherin’s Sons, which have both received national attention from the likes of Forbes, The New York Times and Bon Appetit.
“We were able to identify several A+ assets in our search to satisfy our N.Y. based clients 1031 requirement,” stated Christopher Egan, Associate at RRA, “Ultimately, the out-of-state buyers were attracted to this property’s proximity to public transportation in a Fishtown neighborhood that’s extremely desirable to millennials and young professionals.”
The neighborhood is primarily made up of row-houses and independently owned businesses. This mixed-use property was an opportunity to invest in a vibrant and dynamic neighborhood that is experiencing incredible growth with convenient access to Interstate-95 and Center City, Philadelphia.
“Fishtown has continued to attract some of the most talented developers in Philadelphia who have focused on catering towards high-end, luxury tenants, which ultimately resulted in a high price per unit for this transaction,” noted Seth Douglas, Associate at RRA.