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RRA SELLS 66 APARTMENTS IN PHILADELPHIA, PA TOTALING $8,080,000

by RRA on February 2, 2022
RRA SELLS 66 APARTMENTS IN PHILADELPHIA, PA TOTALING $8,080,000
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PHILADELPHIA, PA–(2/2/22) –   Rittenhouse Realty Advisors, a commercial real estate sales brokerage based in Philadelphia, is pleased to announce the sale of the Arborwood Townhomes, consisting of 66 apartments in the Germantown section of Philadelphia.  The property, located on the 6300 block of Carnation Street, consists of 33 duplexes, each with two 1-bedroom apartments with garage parking for each unit.  Tenants enjoy great access to vibrant retail districts and outdoor activities as well as close proximity to a SEPTA Regional Rail to Center City, Philadelphia.  The property was marketed as a value-add opportunity in a growing market.

Ken Wellar, managing partner at RRA, stated:  “We are seeing more out-of-state buyers paying aggressive cap rates based on pro-forma assumptions. Arborwood has great rent growth potential given the seller owned the properties for over 30 years.”

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