PHILADELPHIA, PA–(5/3/18) – Rittenhouse Realty Advisors is pleased to announce the sale of 1101-1103 Frankford Avenue in the Fishtown neighborhood of Philadelphia. The building, originally a warehouse built in 1899, was thoughtfully rehabilitated in 2015-2016 into 15 apartments with a ground floor commercial space, currently leased to the popular Fishtown Brewpub with multiple renewal options.
Ken Wellar, Managing Partner at RRA, stated: “Due to our unique marketing process, we are attracting foreign capital to some of our deals. This property was purchased by a high-net-worth German family and it was their first acquisition in the Philadelphia market.” Andre Kinney, of Greenstone Realty Advisors LLC, advised the family on the sale.
Tenant amenities in the property include high-end, custom finishes, in-unit washer/dryers, and electronic code activated locks preventing tenants from key/lock-out issues. The building features a ten-car hydraulic lift parking garage and a fitness room for tenant use.
The property is located in Fishtown, a neighborhood 10 minutes north of Center City, Philadelphia, nationally renowned for its food, art, and music scene. The neighborhood has two state-of-the-art gyms, an exploding art scene and several parks and green space. 1101 Frankford Avenue is located within walking distance to the new Fillmore music venue, the Girard El Station for easy access to Center City, and numerous restaurants, bars, cafes and shops.
Mark Duszak, Director at RRA, noted: “The Fishtown neighborhood, known as the ‘Brooklyn of Philadelphia’, is the most exciting and desirable area in the city. This has translated into high rental rates which has allowed our team to sell multi-family investments at record-breaking prices-per-unit.”
Chris Egan, Senior Associate at RRA, added: “This neighborhood, especially the Frankford Avenue corridor, is white-hot and pricing for mixed-use buildings has reflected that. Ultimately, our strong buyer pool of outside capital has been bullish on investing in this vibrant neighborhood.”