RRA SELLS 21 MULTI-FAMILY UNITS IN CENTER CITY, PHILADELPHIA FOR $3,785,000
PHILADELPHIA, PA–(12/3/19) – Rittenhouse Realty Advisors is pleased to announce the sale of a four-property portfolio consisting of 21 units in the Fitler Square and Graduate Hospital neighborhoods of Center City, Philadelphia. The properties are located at 2129 Pine Street, 2402 Spruce Street, 1725 Bainbridge Street, and 621 S. 18th Street. The portfolio sold at a 4.33% T-12 cap rate.
This portfolio presented a value-add opportunity to buyers, including the opportunity to increase rents after renovating the kitchens and bathrooms. The properties are close to the city’s most popular restaurants, cafes, and boutiques. They are also convenient to public transit and major employers in Center City and University City.
Ken Wellar, Managing Partner at RRA, stated: “This portfolio was a great value-add opportunity in Center City, Philadelphia. The buyer was an international buyer that plans to do major upgrades to all of the units.”
“With RRA’s unique marketing process we were able to get numerous offers for the seller to consider and were able to sell at a price higher than our asking price,” added Corey Lonberger, Managing Partner at RRA.