RRA Sells 82 Units Totaling $5,350,000 in Delaware County, PA
PHILADELPHIA, PA–(5/8/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the Foxcroft Terrace Apartments, to be rebranded by the new owner as Forest Creek Apartments, located at 300 N. Front Street in Yeadon, Delaware County, PA. The 82 unit property consists of all two-bedroom units, many with balconies.
The buyer in the transaction was out of Northern New Jersey. Ken Wellar, Managing Partner at RRA, stated: “This is the third apartment community we have sold to this buyer in the last year. He is very bullish in the Southeast Delaware County market and has added over 300 units to his portfolio from this area alone.”
Forest Creek is close to the SEPTA Regional Rail to Philadelphia/Wilmington, as well as several bus lines, and is convenient to I-95 and just a 25 minute drive to Center City, Philadelphia. “Delaware County is one of Philadelphia’s most active suburban markets. The strong buyer appetite for multi-family product is evidence of the strength of this submarket,” noted Mark Duszak, Director at RRA.
Corey Lonberger, Managing Partner of RRA, added: “This is the sixteenth multi-family property that RRA has sold in 2017. Our unique marketing process is targeting buyers from throughout the Mid-Atlantic, who are paying aggressive numbers for these assets.”