RRA Sells 52 Luxury Units in East Falls, Philadelphia
PHILADELPHIA, PA–( Aug 14, 2014) – Rittenhouse Realty Advisors is pleased to announce the sale of 52 luxury apartments in the East Falls/Germantown neighborhood of Philadelphia. The property was completely renovated in 2009, with premium finishes in the kitchens and bathrooms. It is within a ten minute drive from Center City, Philadelphia and is also within walking distance to two SEPTA train stations. It is close to the walking and biking trails of Blue Bell Park, part of the Fairmount Park system. Cloverly Park boasts market leading rents and high occupancy, which made it a great opportunity for an established owner to add to their portfolio.
The search for a buyer revealed a growing number of New York investors interested in the Philadelphia market. Managing Partner Ken Wellar explained, “The New York investors we are currently working with are looking at Philadelphia as a safer market offering better returns.” The property was purchased by New York based Castellan Real Estate Partners, who hold substantial assets in Manhattan. RRA Director Mark Duszak summarized the deal, stating: “The sale of Cloverly Park represents another example of the tremendous buyer demand for multi-family product within the City of Brotherly Love. This is the second purchase in Pennsylvania by this New York buyer and is indicative of Philadelphia’s growing command along the East Coast.”