RRA Sells 850 Units in First Quarter 2014 Totaling More Than $55,000,000 in Consideration
PHILADELPHIA, PA–( Apr 23, 2014) – Rittenhouse Realty Advisors successfully closed on over 850 units across Pennsylvania and Delaware by the end of the first quarter in 2014, totaling over $55 million in total consideration. The company has been focused on strategic growth since launching in February 2013 and recently opened Rittenhouse Capital Advisors, a debt and equity company, to complement their existing brokerage and advisory services.
The firm opened the year with the closing of 394 beds at Bloomsburg University. This successful transaction solidified RRA’s place in the Mid-Atlantic student housing market. The company is currently listing 850+ student housing units across Pennsylvania, in close proximity to universities such as Saint Joseph’s University, Bloomsburg University, Drexel, UPENN and Temple University.
RRA also closed on numerous transactions throughout Center City, Philadelphia, including 2004 Chestnut Street, a five unit mixed-use building in Rittenhouse Square listed by RRA Associate Chris Egan. The property includes a popular restaurant at street level, with residential units on the floors above. The twelve units at 4437-4439 Chestnut Street also traded in a transaction brokered by David Greenhalgh and Corey Lonberger. The property has consistently enjoyed 100% occupancy and is within close walking distance to the University of Pennsylvania. Ken Wellar brokered the sale of 1420-1424 West Girard Ave., a multifamily property in historic Francisville. The 17 units were renovated in 2012, have a high occupancy rate and enjoy close proximity to the popular restaurants on North Broad Street such as Marc Vetri’s Osteria and Alla Spina. Most recently, Wellar brokered the sale of ten units at 527 South 42nd Street in University City. The property presented a great value-add opportunity close to the University of the Sciences and right off of the bustling retail corridor of Baltimore Avenue.
Earlier in the quarter, a private capital group purchased 80 units in Northeast Philadelphia called Linden Court, in the desirable Academy Gardens neighborhood. Mark Duszak, Director of RRA, brokered the transaction.
The Managing Partners sold The Villas, a 240 unit community in New Castle, DE to Korman Residential Properties. Korman plans to do extensive renovations to the apartments, upgrading many of them to their signature eco-friendly “Modernista” units as well as implementing new amenities such as a bike share program.
Ken Wellar also spearheaded the sale of 89 units in the historic neighborhood of Chestnut Hill in Philadelphia called Wyndmoor Gardens. The rents were well below market and the new buyer, a local private capital group, is planning significant renovations and upgrades.
The firm closed out the quarter with the sale of 14 units in Fort Washington called Elliger Park Apartments, just north of Philadelphia. Robert Marzullo, one of RRA’s newest associates, brokered the transaction.
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