RRA, A MEMBER OF GREA, SELLS NEWLY CONSTRUCTED APARTMENT BUILDING TOTALING 31 UNITS IN OLDE KENSINGTON NEIGHBORHOOD OF PHILADELPHIA, PA FOR $9,050,000
PHILADELPHIA, PA–(3/29/22) – Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of a 31 unit apartment building located at 1216-1226 N 5th Street in the Olde Kensington neighborhood of Philadelphia. The property was recently constructed with condo-quality finishes and amenities, including gated parking, a rooftop desk, and a gym.
Tenants enjoy convenient access to the SEPTA’s Market-Frankford train line to Center City, Philadelphia. The property is within walking distance to numerous popular dining, shopping, and entertainment options in Fishtown and Northern Liberties.
Ken Wellar, managing partner at RRA, stated: “We were able to secure a buyer who was new to the Philadelphia market. This is the fifth deal our firm has sold on this block.”
Alan Krawitz, senior associate, added: “The asset provided an attractive risk-adjusted basis for the buyer. Marking in-place rents to market will increase the value of the asset yielding attractive cash returns while limiting capital expenditures. We are seeing an uptick in buyers interested in light value-add opportunities as asset repositioning comes with increased risk in a rising interest rate environment.”