Rittenhouse Realty Advisors Sells Phoenixville Apartment Complex In 7 Days
PHILADELPHIA, PA, June 24, 2014 – Rittenhouse Realty Advisors (RRA) recently sold the Maison Ridge Apartments in Phoenixville, PA. The sixteen unit property went under contract in just seven days. The building is made up of six, two-bedroom/one-bath units and ten, one-bedroom/one-bath units. The property has historically remained 95% occupied or better. Steve Miceli, an associate with RRA said, “Chester County continues to attract high demand from multifamily investors, creating a highly competitive purchase environment. The current market conditions present an opportunity for sellers to evaluate a list of buyers and choose the one with the best price and terms.” Steve, along with RRA Managing Partner Corey Lonberger, arranged the transaction. Corey added, “Historically low interest rates and limited product on the market are creating an enormous amount of demand for apartment properties throughout the Philadelphia MSA. Maison Ridge is the perfect example of this.”
Maison Ridge offers tenants off street parking, on-site laundry facilities and individual storage units, and offers the opportunity for the new owner to further renovate the property. Residents enjoy close proximity to the entertainment and shopping district of Main Street Phoenixville offering restaurants, bars, and local entertainment for all ages. In addition, Maison Ridge is close to Pennsylvania Routes 23, 29, and 113 offering direct access to the Pennsylvania Turnpike as well as Routes 202 and 422. These corridors connect residents to the neighboring cities of King of Prussia, Philadelphia, West Chester, and Exton, Pennsylvania.
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.