RRA SELLS 50 UNITS IN PASSYUNK SQUARE SECTION OF PHILADELPHIA FOR $11,750,000
PHILADELPHIA, PA–(2/10/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of 1200 Washington Avenue, a modular luxury apartment building in the Passyunk Square / Avenue of the Arts section of Philadelphia. The property contains 48 apartments and 2 commercial spaces.
Built in 2017, the property features luxury finishes in the kitchens and baths, has a premium outdoor resident’s lounge and offers off-street parking for tenants. It was built using modular construction, in which sections of the building are constructed off-site, then delivered and assembled on the build site. Modular construction is considered to be environmentally friendly because the process inherently prevents material waste. 1200 Washington is conveniently located within walking distance to subway and bus routes. The property is walkable to the award-winning restaurants of Passyunk Square and The Italian Market.
Ken Wellar, Managing Partner at RRA, stated: “There is a huge investor demand in stabilized product in the core of Center City right now. 1200 Washington was a great turn-key opportunity for an out-of-state buyer.”
“This is the 5th modular multi-family deal our firm has closed in Philadelphia,” added Corey Lonberger, Managing Partner. “”We see a big future for modular development in multi-family.”