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RRA Sells 153 Units in Suburban Philadelphia for $8,100,000

by RRA on August 4, 2016
RRA Sells 153 Units in Suburban Philadelphia for $8,100,000

PHILADELPHIA, PA- Rittenhouse Realty Advisors is pleased to announce the sale of the Shirley Court Apartments, located in Upper Darby township in Delaware County. The property is well located, just 10 miles from Center City, Philadelphia, with easy access to SEPTA’s 69th Street Station as well as Route 1, Route 3 and Interstate-476.

The previous owners had begun an extensive renovation program and placed new kitchens and baths in 70% of the units. The new owners have a great opportunity to finish renovating the rest of the units to improve their NOI. Ken Wellar, Managing Partner at RRA, stated: “The new buyer plans to continue upgrading the remaining units to increase rental income. The buyer is out of North Jersey and has numerous holdings in the immediate area.”

Upper Darby has extreme barriers to entry, having had no new apartment properties built in the last 20 years. The unit layouts are superior to most other properties in the neighborhood.

In addition, the property offers approximately 2,000 square foot of open space (formerly a ballroom) that could be changed into a new amenity or apartment units. Corey Lonberger, Managing Partner at RRA, noted: “This is a desirable asset to own in Upper Darby. Through RRA’s unique marketing process, we were able procure the right buyer at the highest price for the seller for Shirley Court.” Mark Duszak, Director at RRA, added: “Value-add opportunities similar to this are in extreme demand in suburban Philadelphia. This asset hit all the buttons buyers are looking for.”