Rittenhouse Realty Advisors is pleased to announce the sale of the Springhouse Apartments in Trappe, PA in Montgomery County. The new construction property was completed in 2014 and consists of four separate buildings comprised of large two bedroom, two bathroom units. “It is very rare that new construction projects become available for sale in the private capital arena in the Philadelphia MSA. When they do, the interest level is through the roof. With this particular property we had numerous offers and back up buyers within a week of starting showings,” stated Corey Lonberger, Managing Partner at RRA.
The exceptionally large units, which average 1,250 square feet, have open kitchens with breakfast bar, gas cooking, stainless steel appliances and a full size washer and dryer. Other amenities include central air and outdoor space for each unit. 12 units have upgraded amenities including granite countertops and hardwood floors and command superior rents. Located in Trappe, PA, the property has convenient access to Route 422 towards King of Prussia, a major suburban Philadelphia employment center. “Springhouse Apartments presented an excellent opportunity for the new owner to capitalize on the growing economic environment in the Philadelphia Suburbs and specifically the 422 Corridor,” noted Steve Miceli, an RRA Associate.
Ken Wellar, Managing Partner of RRA summarized the deal: “This was a great opportunity for both the buyer and seller. The seller is a local developer who was focused on a larger project and the buyer is a long term holder from the Main Line who saw this as an excellent opportunity to own a new construction project in highly sought after Montgomery County.”
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