RRA/GREA SELLS 73 UNITS PLUS 15,000 SF OF COMMERCIAL SPACE IN PHILADELPHIA FOR $22,800,000
Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Spring Lofts in Philadelphia. The buildings, located at 1217-35 Spring Garden Street and 1222-30 Ridge Avenue, consist of 73 apartment units, 43 parking spaces and 15,016 square feet of commercial space.
Spring Lofts is located in the dynamic Spring Arts/Callowhill/Loft District Section of Philadelphia – home to breweries, restaurants, live music venues and universities. The area has seen a surge in redevelopment and new construction in recent years, along with the development of Philadelphia’s Rail Park, modeled after NYC’s High-Line park.
A strong family office new to the Philadelphia market purchased the property. Ken Wellar, Managing Partner at RRA/GREA, stated: “Spring Lofts sits in a rapidly redeveloping area off of 12th and Spring Garden Street. The buyer was able to see the upside in rent growth potential.”
“The sellers did a great job in renovating the residential units with high-end finishes and attracting quality businesses to the commercial units. They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time,” added Corey Lonberger, Managing Partner at RRA/GREA.