PHILADELPHIA, PA–(11/16/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the Charlwin Apartments in the East Falls neighborhood of Philadelphia. The thirty-two-unit property is located at 3024 W. Queen Lane, next to the Drexel University College of Medicine campus.
The property is just a short walk from SEPTA’s East Falls Train Station which has a direct line to Center City, Philadelphia. It is also convenient to the shops and restaurants of Midvale Avenue, which is a draw for both students and young professionals. Nearby attractions include The Wissahickon Brewing Company, In Riva, and Fiorino Restaurant as well as the 50 miles of trails in Wissahickon Park. “The property’s close proximity to the medical school made it very attractive to investors. Ultimately, the buyer saw great upside potential in improving management procedures,” stated Ken Wellar, Managing Partner at RRA.
Charlwin has recently undergone major capital projects, including upgrades to 88% of the units, new pitched roofs, and landscaping improvements. Other upgrades could be made to the property, including installing in-unit laundry and adding additional bathrooms to appeal to students. RRA Director Mark Duszak stated: “The property’s location and true value-add opportunity fit all the boxes buyers are looking for in today’s environment.”
Rittenhouse Realty Advisors has a unique marketing process that generated over 30 tours and 10 offers. “Charlwin attracted buyers from throughout the Mid-Atlantic region. Ultimately it was sold to a group out of New York City at a very aggressive price per unit,” added Corey Lonberger, Managing Partner.