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RRA Sells 80 Units in Wilmington, DE

by RRA on March 10, 2015
RRA Sells 80 Units in Wilmington, DE

PHILADELPHIA, PA–(March 10, 2015) – Rittenhouse Realty Advisors is pleased to announce the sale of the Silver Springs Apartments in Wilmington, Delaware. The 80 unit property located on Lancaster Pike offers easy access to downtown Wilmington as well as to Interstate -95. The property was purchased by Berger Rental Communities based in Wayne, PA. Silver Springs Apartments is located directly next door to the 320 unit Lancaster Court Apartments that RRA sold to Berger Rental Communities in August of 2014. “The buyer plans massive renovations at both properties. These upgrades will attract a solid tenant base from local employers, such as DuPont, AstraZeneca and others,” stated Corey Lonberger, Managing Partner at RRA. The renovations planned will exceed more than $8,000,000 at both properties. The buyer hopes that the upgrades will result in significantly higher rents than what were being obtained by the previous owner. The renovations will include but not be limited to: new kitchens, new bathrooms and extensive work to common areas and the grounds.

This is the fourth transaction for RRA in Delaware within the last 12 months. Totaling just under 800 units, Rittenhouse Realty Advisors has sold more units than any local brokerage in the last 12 months. “Delaware is an excellent market and we have seen a lot of investors from New York and Washington, D.C., show strong interest there which has driven values up,” stated Ken Wellar, a Managing Partner at RRA. To date, RRA’s Delaware sales total more than $35,000,000 in total consideration. “This is a market we have worked over the last 12 years of our careers and know well. Knowing the market and the players is key to maximizing values for our clients,” added Mark Duszak , Director at RRA. RRA’s Delaware Broker of Record, Domenick Peronti ( telephone: (302) 994-3907) assisted with the transaction.

Rittenhouse Realty Advisors specializes in the sale of apartment communities and is recognized as the leader in the tri-state area for multi-family sales, with offices in Philadelphia, Delaware, New York and soon to be Maryland. RRA was recognized as one of the “Fastest Growing Firms” and named “Top Sales Broker of 2013” by the Mid-Atlantic Real Estate Journal.