Rittenhouse Realty Advisors Sells 156 Apartments In Elkton, Md For $21,875,000
Rittenhouse Realty Advisors is pleased to announce the sale of The Apartments at Iron Ridge. The 156 unit community is located minutes from the Delaware/Maryland border in Elkton, Maryland. Residents of the one, two, and three-bedroom units have access to a fitness center, a pool, a playground and a tennis court, all onsite at the property.
The Apartments at Iron Ridge are well-located, providing easy access to Routes 40, 72, 273, 279 and Interstate-95, as well as convenient access to the University of Delaware and Downtown Newark, Delaware.
Ken Wellar, Managing Partner at RRA, stated: “We are continuing to see private capital flow through the Mid-Atlantic multi-family markets. This particular buyer was motivated to acquire this property by the opportunity to grow rents by updating the kitchens and bathrooms in the units.”
Mark Duszak, Director at RRA, added: “Multi-family investments along the I-95 Northeast Corridor between DC and Boston are in record demand. We are seeing a strong increase in interest in properties within a one-hour drive from Philadelphia.”