RRA Sells 19 Apartments in Rapidly Growing Francisville Neighborhood in Philadelphia for $2.5 MILLION

Jun, 30 15 Post by: RRA | Comments Off on RRA Sells 19 Apartments in Rapidly Growing Francisville Neighborhood in Philadelphia for $2.5 MILLION

Corinthian Apartments - Rittenhouse Realty Advisors

 

PHILADELPHIA, PA, 6/30/2015 – Rittenhouse Realty Advisors is pleased to announce the sale of The Corinthian Apartments in the Francisville neighborhood of Philadelphia. The 19 unit complex features a mixture of studios, one, two and three-bedroom apartments with a shared courtyard area. The property, which was fully occupied at the time of sale, traded for over $131,000 per unit. Managing Partner Ken Wellar stated: “There has been remarkable revitalization in the Francisville market, pushing buyers to pay aggressive CAP rates. Here a 5.7 percent CAP was achieved on trailing numbers.”

This is the third sale RRA has closed in the Francisville neighborhood in Philadelphia. In 2014 the firm sold 17 new construction apartments at 1509-11 W. Girard Ave. and 17 units at 1420-24 W. Girard Ave. Mark Duszak, Director of RRA, noted: “Francisville is Philadelphia’s most promising and invigorated neighborhood due to its strategic location bordering Fairmount, Spring Arts, The Loft District and Temple University. The area has attracted a tremendous amount of investors trying to capitalize on this growth.”

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