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RRA SELLS 41 UNITS IN QUEEN VILLAGE/ SOCIETY HILL AREA OF PHILADELPHIA FOR $7,425,000

by RRA on December 16, 2021
RRA SELLS 41 UNITS IN QUEEN VILLAGE/ SOCIETY HILL AREA OF PHILADELPHIA FOR $7,425,000
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PHILADELPHIA, PA–(12/16/21) –   Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a multi-family portfolio containing 34 apartments and 7 commercial units in the Queen Village/Society Hill area of Philadelphia.  The addresses sold include:  721-725, 734, 736 & 746 South 4th Street, 307 & 327 Pine Street, and 1303 South 6th Street.  The properties are well located for public transit access and access to I-95, as well as tenant enjoyment of the shops, restaurants, cafes, and nightlife of South Street, Passyunk Square, and Headhouse Square.

Ken Wellar, Managing Partner at RRA, stated: “This portfolio sits in one of the best locations in Philadelphia.  The properties were owned and managed by a family office for more than 40 years.  The new owner sees the value-add potential across the portfolio, given the quality of the properties and the prime location.“

Alan Krawitz, a Senior Associate at RRA who worked on the transactions, added:  “The location, proximity, and rental upside in these assets drew significant attention. We fielded multiple bids above our asking price, reinforcing the narrative that well located value-add opportunities are top priority for capital in today’s market.”

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