RRA Sells 40 Units in University City Neighborhood of Philadelphia
PHILADELPHIA, PA–(2/7/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the Chester Hall Apartments in the University City neighborhood of Philadelphia. The forty-unit property is located at 4205 Chester Avenue, just a block from the restaurants and shops of Baltimore Avenue and steps from two SEPTA trolley lines to Center City. University City is known as one of the most livable, walkable and bikeable neighborhoods in Philadelphia, making Chester Hall an attractive option for not only University of Pennsylvania, Drexel University and University of the Sciences students, but young professionals and families as well.
In recent years, the University City sub-market has grown in population, demand and quality of tenant. Mark Duszak, Director of RRA, stated: “Our team has sold 11 transactions in University City in the last 18 months, totaling north of $88,000,000 in sales. Investors are definitely capitalizing on the growth of this neighborhood.”
Chester Hall presented several attractive value-add opportunities. Ken Wellar, Managing Partner at RRA, noted: “The buyer was already well established in this market at the time of sale, and bought the asset to add to their portfolio. They are planning a small-scale renovation to push rents and grow revenue.”
University City has an outstanding occupancy rate of 98% to 100%, making it a desirable area for investors. Corey Lonberger, Managing Partner at RRA, said: “Given the limited supply and increased demand for apartments in this market, we have seen an influx of buyers for these buildings from all over the country and even internationally.”