RRA Sells 36 Units in Center City, Philadelphia for $4,700,000
PHILADELPHIA, PA–(September 14, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of a five property portfolio in Center City, Philadelphia. The property addresses are 914 Pine Street, 1331 Pine Street, 126 South 22nd Street, 2205 Walnut Street, 2213 Walnut Street. The portfolio has 36 total units made up of studio, one bedroom and two bedroom apartments.
The properties are located in the Rittenhouse Square, Fitler Square, and Washington Square West neighborhoods of Center City, which are well known cultural hubs of Philadelphia due to their high concentration of art galleries, theaters, restaurants and shops. Each distinctive property offers great access to public transportation.
Ken Wellar, Managing Partner of RRA, stated: “It is rare to see a Center City portfolio like this come to market, which is why the buyer stepped up to our list price within a day of marketing the asset.”
The asset was an excellent value-add opportunity. The buyer, an affiliate of AMC Delancey Group Inc., plans to upgrade all properties. Corey Lonberger, Managing Partner of RRA, noted: “The portfolio traded at an aggressive 4.3% cap rate on T-12 numbers but offered excellent value-add potential to the buyers.”
Mark Duszak, Director of RRA, added: “There is significant upside in Rittenhouse Square, Fitler Square and Washington Square West, and the buyer will be capitalizing on that.”