RRA Sells 157 Units In Mt. Airy Neighborhood Of Philadelphia For $8,750,000
PHILADELPHIA, PA, November 24, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of the Lennox Apartments in the West Mt. Airy neighborhood of Northwest Philadelphia. The neighborhood is well known for its proximity to the exceptional recreational facilities of both the Schuylkill River and Fairmount Park. It is centrally located and benefits from easy commute options to both Center City and the suburbs with quick access to major roadways and public transportation. Noted Ken Wellar, Managing Partner of RRA, “We’re continuing to see a strong demand for value-add opportunities in Northwest Philadelphia. We just recently closed another property in the area for north of $120,000 per unit.”
The 157 unit building was constructed in 1930 and recently underwent a $1.5 million renovation. Two out of the three buildings that comprise the property were completely redone. Completed upgrades include new kitchen cabinets, new appliances, refinished hardwood floors and updated bathrooms, along with new plumbing and electrical. However, due to construction on one of the buildings, 35 units were uninhabitable at the time of listing. “This was a very difficult deal to put together, given that a considerable number of units were down, which made the financing a challenge,” stated Mark Duszak, Director of RRA. The new owner plans to stabilize the building within four months.
The property drew attention from both local and regional buyers. “The new owners are from the North Jersey market and are already planning to purchase more properties in Philadelphia,” noted Corey Lonberger, Managing Partner at RRA.
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