RRA Sells 500 Units in Philadelphia, PA for $56,000,000
PHILADELPHIA, PA–(October 6, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of The Charter Court Apartments in the East Falls neighborhood of Philadelphia. The iconic property, located at 5450 Wissahickon Avenue, contains 500 units in two connected, eleven story towers. Existing amenities include a pool, parking garage, club room, theater, yoga studio, and fitness center.
Ken Wellar, Managing Partner of RRA, stated: “The seller renovated roughly half of the apartments and was getting close to $100 more in rent per upgraded unit at the time of sale. The new owner plans to enhance the amenities package, as well as finish upgrading the rest of the units.”
Charter Court is close to Philadelphia University, Drexel University College of Medicine and some of the top high schools in the city, Germantown Friends School and William Penn Charter School. It is also walking distance to the Queen Lane stop on SEPTA regional rail, providing an easy commute to Center City, Philadelphia.
“Given the buyer’s background and success with similar value-add deals throughout the country, I am sure Charter Court will be a huge success for both them and the surrounding community,” noted Corey Lonberger, Managing Partner at RRA.
Mark Duszak, Director at RRA, added: “This is the second significant high-rise apartment sale within a 4% cap rate range in the last 12 months that our team has closed, which indicates the strength of the Philadelphia market.”