RRA Sells 80 Unit Apartment Community in Academy Gardens Section of Philadelphia
Rittenhouse Realty Advisors is pleased to announce the sale of the Linden Court Apartments in Northeast Philadelphia. The property was built in 1962 and is the only rental community located within the desirable residential section of Academy Gardens.
It is located directly in front of the John F. Byrne Golf Course and only minutes from the Torresdale-Frankford Country Club. Linden Court’s Academy Road address offers convenient access to public transportation (SEPTA transit stop directly in front of apartments) and major transportation arteries (Interstate-95, U.S. Route 1, Interstate-276 and U.S. Route 13) for tenants.
“The Far Northeast is a strong rental market, typically with low vacancy and steady rental increases,” observed Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. Linden Court had enjoyed high occupancy rates over the past few years, as the previous owners put over $1.5 million into capital improvements, including new kitchens and bathrooms in 75% of the units.
Rittenhouse Realty Advisors Director, Mark Duszak, summarized the sale: “Our proprietary marketing process for the Linden Court Apartments showed the tremendous strength of buyer demand for Multi-Family properties in the Greater Northeast section of Philadelphia. We had multiple local and regional bidders that generated a sub 7% capitalization rate sale. The bidders recognized the value of below market rents along a highly visible location along Academy Road. The property was ultimately purchased by a local, private capital client of Rittenhouse Realty Advisors.”
Read the full article at Market Wired.