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RRA Sells 26 New Construction Apartment Units In Center City For $8,600,000

by RRA on August 16, 2018
RRA Sells 26 New Construction Apartment Units In Center City For $8,600,000

Rittenhouse Realty Advisors is pleased to announce the sale of The Bradford, a newly constructed apartment building for $8,600,000 developed by Alterra Property Group, located at 507-515 South 8th Street in Center City, Philadelphia.  The property, completed in July 2017, contains 26 apartments and 8 garage parking spaces.

Ken Wellar, Managing Partner at RRA, stated: “We continue to see new construction product selling very quickly.  We received numerous offers for this property, many from out-of-state buyers who saw the upside potential for rental growth.  Ultimately, the property was sold to Dalzell Capital Partners out of Westport, Connecticut.”

The luxury apartment units come with high-end finishes such as stone countertops, stainless steel appliances, in-unit washers and dryers, NEST thermostats and large closets.  The property features a “green roof”, an outdoor lounge, a community BBQ area, an enclosed dog run, and a state-of-the-art intercom system.

“The desire for highly amenitized buildings is strong in the Center City rental market.  This building was thoughtfully designed and includes all of the bells and whistles that renters are looking for in this neighborhood,” noted Mark Duszak, Director at RRA.

The Bradford is located in the heart of Washington Square West, one of the most desirable neighborhoods in Philadelphia. The area is home to two major city employers, including Penn Medicine (Pennsylvania Hospital) and Jefferson University Hospital.  Residents enjoy the best of city living, being in close proximity to award-winning restaurants such as Talula’s Garden and Serpico, as well as several grocery stores, including a Whole Foods, numerous cafes and restaurants, community gardens, playgrounds and various other neighborhood conveniences.

“This was a very well-constructed property in the heart of one of Philadelphia’s most attractive, amenity- rich neighborhoods. At the end of the day, the seller chose a very active, well-respected buyer who we’ve sold numerous deals to throughout Center City,” said Corey Lonberger, Managing Partner at RRA.