RRA Sells 26 Units in South Philadelphia Totaling $3,590,000
PHILADELPHIA, PA, September 11, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of twelve units at 914-928-930 E. Passyunk Avenue in the Bella Vista neighborhood of Philadelphia and fourteen units at 710-16 S. American Street in Queen Village. The neighborhoods sit just south of Washington Square West and Society Hill, respectively, and boast a vibrant dining and entertainment scene, with destinations attracting visitors from Center City, suburban Philadelphia, as well as international tourists.
This area of South Philadelphia has seen a fair amount of development and redevelopment over the past few years. Vincent Tagliente, an Associate with RRA who worked on the deals, said: “The boom in the Center City, Philadelphia market is stretching beyond its traditional boundaries. The effect can be felt in neighborhoods like the now appealing Queen Village and Bella Vista, once dismissed as ‘second rate’ South Philly. Those neighborhoods now have their own cache and are being sought after by investors seeking better pricing and better returns.”
Both properties are conveniently located close to public transportation and many walkable amenities. Managing Partner of RRA, Ken Wellar, stated: “Both buyers see the value-add opportunity in these properties and plan to make upgrades and raise rents. The property on American Street will be undergoing a complete gut renovation in an effort to attract the influx of renters seeking to live in the neighborhood.”