RRA Sells 17 Apartments and 3 Commercial Units in Port Richmond – Philadelphia, PA
PHILADELPHIA, PA — (2/1/18) – Rittenhouse Realty Advisors is pleased to announce the sale of The River Wards Portfolio, located at 3010, 3044-46 & 3118-20 Richmond Street in the Port Richmond neighborhood of Philadelphia. The property consists of three buildings containing a total of 20 units. Each building has been completely renovated and each has a ground floor commercial unit. The apartments feature large open living spaces with hardwood floors. The original exposed brick was preserved where possible to create a modern-industrial feel.
The recent boom in lifestyle-focused businesses in the area has drawn renters who are looking for a less expensive alternative to Fishtown. Over the last year, Port Richmond has seen an influx of trendy restaurants and bars including the River Wards Cafe, a modern-style coffee house that is one of the commercial tenants in this portfolio.
“Port Richmond is benefiting from the expansion of Center City,” stated Ken Wellar, Managing Partner at RRA. “The growth of Northern Liberties, Fishtown, and Kensington is now pushing to Port Richmond and attracting investors into this growing market.”
The neighborhood is primarily made up of row-houses, and offers very little apartment stock as competition. This portfolio was a rare opportunity to invest in a rapidly growing neighborhood along the Interstate-95 corridor of Philadelphia.
Corey Lonberger, Managing Partner, added: “This property was under contract within 30 days of listing. We received multiple offers from buyers throughout the Mid-Atlantic, which shows the strength of the market and Port Richmond specifically.”