RRA sells 55 Unit apartment building in University City Philadelphia
Rittenhouse Realty Advisors is pleased to announce the sale of The Blenheim, a 55-unit apartment building located at 4311-15 Spruce Street in the desirable Spruce Hill section of the University City neighborhood of Philadelphia. The property was presented as a value-add opportunity, with opportunities to upgrade common areas and rebrand to attract students from University of Pennsylvania, which is located just a few blocks away, as well as the increasing number of young professionals choosing to live in University City.
Mark Duszak, Director at RRA, stated: “The demand for value-add multi-family assets in Philadelphia has not slowed down in 2018 as capital continues to chase sub-markets like University City that offer strong rent growth and tremendous upside with renovations.”
Ken Wellar, Managing Partner at RRA, added: “This is the second property we have sold to this developer. Last year we sold 4317 Spruce Street to them, which is directly next-door to The Blenheim. The new owner plans to combine the two properties to create a complex totaling 80 units in the most desirable section of University City.”
The Spruce Hill neighborhood is filled with beautiful Victorian rowhomes, tree-lined streets, numerous parks, and many “local favorite” restaurants and cafes that have been patronized by neighborhood residents throughout the years. The Blenheim is also located within the highly desirable Penn Alexander School Catchment Zone (2016 National Blue Ribbon School; Grades K-8).
Corey Lonberger, Managing Partner at RRA, said: “University City continues to be one of the most highly sought-after neighborhoods by both local and national investors due to barriers to entry and increased demand by renters.”