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