Rittenhouse Realty Advisors is Pleased to Announce the Sale of Prescott Arms.
PHILADELPHIA, PA–(Marketwired – Nov 13, 2013) – Rittenhouse Realty Advisors is pleased to announce the sale of Prescott Arms, a 50 unit apartment complex located in Upper Darby, Delaware County PA. The property’s close proximity to SEPTA’s bus system provides easy access to the City of Philadelphia, as well as West Chester Pike. It is conveniently located just a few stops from the shops and restaurants of SEPTA’s 69th Street Terminal as well as the city of Philadelphia.
“Prescott Arms presents an exceptional value-add opportunity to the buyer given its location and below market rents,” stated Ken Wellar, Managing Partner at Rittenhouse Realty Advisors. The area is experiencing ongoing revitalization, with several national and international retailers planning to open new stores in the next few months. Upper Darby has been praised by local officials for its walkability; residents can easily access the area’s restaurants and theaters on foot. “Given the property’s excellent location, it has historically enjoyed 95% or higher occupancy rates,” said Corey Lonberger, Managing Partner at Rittenhouse Realty Advisors. Prescott Arms was purchased by a buyer new to the market place, who plans major renovations to significantly increase rent roll.
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