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Rittenhouse Realty Advisors Sells a 60 Unit Apartment Complex in West Chester

by RRA on August 24, 2013
Rittenhouse Realty Advisors Sells a 60 Unit Apartment Complex in West Chester

Rittenhouse Realty Advisors, the region’s newest real estate investment services firm, has announced the sale of Forest Manor, a 60 Unit Apartment Complex located in West Chester, PA, according to Corey Lonberger, Managing Partner of the firm’s Philadelphia office. The asset was sold as a note sale in lieu of deed.

Corey Lonberger, Ken Wellar, Steve Miceli and Mark Duszak, had the exclusive listing to market the property on behalf of the seller. Forest Manor is located at 615 Downingtown Pike in West Chester, PA.

“We had the exclusive listing on the property for the seller and when it looked as though the loan was coming due we began reaching out to potential note buyers and working with the lender,” stated Steve Miceli. “The buyer was a well-known local multi-family owner/operator who plans major renovations at the property in the immediate future. They will turn this property around and make it a market leader,” according to Corey Lonberger, a Managing Partner with Rittenhouse Realty Advisors. Ken Wellar adds, “It’s a good example of how Rittenhouse Realty Advisors is separating themselves from competitors by looking at every angle of a deal to better serve their clients.”

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.

Read the full article at Market Wired.