RRA Sells 117 Units in West Philadelphia for $7.1 Million
PHILADELPHIA, PA (8/17/17) — Rittenhouse Realty Advisors is pleased to announce the sale of The Verona Apartments located at 4701-4723 Walnut Street in the Walnut Hill section of West Philadelphia. The property has 117 apartments and is within walking distance to the SEPTA Market/Frankford line to University City and Center City, Philadelphia.
“It’s great to see West Philadelphia benefit from the growth and revitalization of University City,” said Ken Wellar, Managing Partner at RRA. “There are redevelopment projects underway throughout the neighborhood, including the transformation of the original location of West Philadelphia High School into loft apartments right across the street from The Verona Apartments.”
The buyer for the property is AMC Delancey Group, a well-respected local owner and operator. “The buyer is planning major renovations to reposition the property to attract a tenant base of both students and young professionals,” stated Corey Lonberger, Managing Partner at RRA.
Mark Duszak, Director of RRA, added: “Demand for value-add multi-housing is stronger now than 18 months ago and both local and out of state investors are capitalizing on this in areas like West Philadelphia.”