RRA Sells 66-Unit Apartment Complex in Lansdowne, Valued at $3,370,000
Rittenhouse Realty Advisors is pleased to announce the sale of the Ath Dara and Romeo Court Apartments.
Located in the heart of Lansdowne, Pennsylvania, the properties consisted of 66 total units, and are centrally located in Lansdowne, Delaware County. The properties are situated within walking distance to the SEPTA Regional Rail Line as well as to the downtown area.
“The seller was looking to sell some properties outside of Center City and focus 100% of his time on that market,” stated Ken Wellar, Managing Partner at Rittenhouse Realty Advisors. The buyer was a local group based out of Philadelphia who recently purchased two other assets in the immediate area. “The buyers plan on major renovations at the property, and will increase the rent roll significantly from the renovations. Given their history and the renovations that they plan to do, this is a great opportunity for them,” noted Corey Lonberger, Managing Partner at Rittenhouse Realty Advisors. This was a unique deal as the buyer had to assume an existing loan in place from the current owner.
At the time of settlement, the properties were roughly 95% occupied which is typical for core assets in Delaware County. For more information on this sale, please contact one of our team members.
Read the full article at Market Wired.