RRA Sells 67 Unit Apartment Portfolio in Suburban Philadelphia
PHILADELPHIA, PA–(December 1, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of Holmes Gardens Apartments, Silver Lake Apartments and Rosedale Apartments, located in Holmes, PA and Morton, PA in Delaware County. The properties are located in the western Philadelphia suburbs, just a 30-minute drive to Center City.
The portfolio consisted of three properties totaling 67 units. All centrally located in Delaware County, the assets offer the buyer an excellent value-add opportunity by renovating kitchens and baths. “This particular suburban Philadelphia market has always been steady with decent rental growths. This portfolio is the third asset in Delaware County that we have sold to this particular buyer from northern New Jersey. The buyer’s plan is to complete some upgrades to increase the NOI,” stated Ken Wellar, Managing Partner of RRA.
The properties have maintained historically high occupancy at 95%r or higher over the last five years. Corey Lonberger, Managing Partner of RRA, added: “This was a great deal for both the buyer and the seller. The low interest rates allowed the seller to obtain an aggressive price while the buyer acquired an excellent value-add opportunity in a great location.”
Rittenhouse Realty Advisors was the exclusive representation of the seller, which was an affiliate of Friedman Realty Group, Inc. based in Gibbsboro, NJ.