RRA SELLS 58 APARTMENT UNITS / 168 BEDS IN UNIVERSITY CITY, PHILADELPHIA TOTALING $18,150,000
PHILADELPHIA, PA–(11/20/19) – Rittenhouse Realty Advisors is pleased to announce the sale of 58 apartment units totaling 168 beds in University City, Philadelphia in two separate transactions. The firm sold a newly constructed portfolio of properties called 40 Spring, including 422 & 426 North 40th Street and 439 & 443 Wiota Street consisting of 18 units/48 beds. The firm also sold the Spruce Hill Apartments, a recently constructed apartment building consisting of 40 units/ 120 beds located at 4525-4537 Walnut Street.
All units are purpose-built student housing units with 1:1 bed-bath parity. They feature high-end finishes and premium kitchens and baths. Each property is within walking distance to University of Pennsylvania, Drexel University, University of the Sciences, Penn Medicine, and Children’s Hospital of Pennsylvania.
Ken Wellar, Managing Partner at RRA, stated: “Each of these transactions involved different international buying entities. We’ve been seeing more and more international buyers coming into Philadelphia in the last year or two, especially in the student housing space.”
Corey Lonberger, Managing Partner at RRA, added: “RRA continues to be the most active broker of apartment properties in University City and its reach to buyers outside the Philadelphia MSA has been driving values to all-time highs.”
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. For an opinion of value on a real estate asset call 215-454-2852.