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RRA Sells 23 Units in University City Neighborhood of Philadelphia for $4,250,000

by RRA on January 26, 2016
RRA Sells 23 Units in University City Neighborhood of Philadelphia for $4,250,000

PHILADELPHIA, PA–( January 25, 2016) –  Rittenhouse Realty Advisors is pleased to announce the sale of The Residences at 3862, a luxury rental apartment community featuring 22 apartments and one ground floor commercial unit. The property is located at 3862 Lancaster Avenue, in the vibrant University City/Powelton Village section of Philadelphia, one of the most walkable, bikeable residential areas of Philadelphia. The new construction building features all two-bedroom, two-bathroom units, along with covered off-street parking and a courtyard for residents to enjoy. Finishes include: hardwood flooring, high ceilings, granite countertops, stainless steel appliances, walk-in closets and in-unit washer/dryers.

The building’s ground-floor commercial space is under long-term lease with Edible Arrangements. Ken Wellar, Managing Partner of Rittenhouse Realty Advisors, stated: “The University City real estate market is rapidly expanding and Lancaster Avenue, specifically, continues to build out its retail presence.”

The University City section of Philadelphia offers world class medical and educational facilities, an outstanding rental pool with 54% of residents having a bachelors or advanced degree, and occupancy close to 100%. Rittenhouse Realty Advisors Director, Mark Duszak, added, “This area of Philadelphia is highly sought after and the property attracted buyers from Boston to DC. Ultimately an owner in the local area purchased this asset to continue to grow their Philadelphia multi-family portfolio.”