RRA Sells 130 Units Totaling $12.7 Million in Chester County, PA
PHILADELPHIA, PA–(3/21/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the Breckenridge Plaza Apartments in Phoenixville, PA and the Janwood Apartments in Downingtown, PA.
Breckenridge Plaza is a 92-unit complex located off of the Route 422 corridor in rapidly growing Phoenixville. It had been managed by the same owners since it was constructed in 1971 and presented excellent value-add opportunities to the buyer. The property was 43% vacant at the time of sale. Corey Lonberger, Managing Partner at RRA, stated: “Rarely do true value-add opportunities become available in Chester County. When they do, the interest level is very high. We ended up with more than 40 tours and a dozen offers at each property.” Ken Wellar, also a Managing Partner, added: “Given RRA’s unique marketing process, we were able to execute on the sale of Breckenridge Plaza, which had been previously listed unsuccessfully with a national firm for more than a year.” The buyer was Friedman Realty Group out of Gibbsboro, NJ.
The firm also recently sold Janwood Apartments, in nearby Downingtown, PA. The property consists of a mix of 38 spacious studio, one-bedroom, and two-bedroom apartments. Janwood is walking distance to the Downingtown Train Station which services Amtrak and SEPTA Regional Rail. The property was 100% occupied at closing and sold for 98% of list price. Mark Duszak, Director of RRA, noted: “These sales show RRA’s ability to reach buyers from outside of the Philadelphia MSA to ensure that our clients are obtaining maximum value for their properties.”