PHILADELPHIA, PA–(03/20/18) – Rittenhouse Realty Advisors is pleased to announce the sale of the Watermill Lofts at 4 Leverington Avenue in the Manayunk neighborhood of Philadelphia. The property is a renovated, luxury warehouse conversion apartment community. The building has 20 loft-style apartments and one street-level commercial unit, along with 21 parking spaces. The apartments feature high ceilings, custom designed kitchens, and high-quality finishes.
“The buyer for this property was out of the New York market,” said Ken Wellar, Managing Partner at RRA. “We are continuing to see a great amount of interest in Philadelphia from outside investors.” Corey Lonberger, Managing Partner at RRA, added: “This property is unique because of its loft-style units and its location in one of Philadelphia’s most highly sought-after neighborhoods. The attractive layouts and level of finishes brought an enormous amount of interest from potential buyers.”
Due to its close proximity to Center City and major employment centers in Suburban Philadelphia, young professionals and college students are increasing the demand for housing in Manayunk. The Manayunk Bridge and the Manayunk Canal and Tow Path along the Schuylkill River are major icons of the area for daytime activity. The Victorian storefronts on Main Street are the heart of the neighborhood, which are home to charming restaurants and shops. The neighborhood is primarily made up of row-homes and independently owned businesses. This mixed-use property was an opportunity to invest in a lively and dynamic neighborhood that has increasing demand, due to its central location and urban experience with a small-town charm.
Mark Duszak, Director at RRA, stated: “Demand for high quality, value-add apartments is extremely strong in every sub-market in Philadelphia, especially in the vibrant Manayunk neighborhood.”