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RRA SELLS 92 UNIT NEWLY CONSTRUCTED APARTMENT BUILDING IN WEST CHESTER, PA FOR $300K+ PER UNIT

by RRA on October 22, 2019
RRA SELLS 92 UNIT NEWLY CONSTRUCTED APARTMENT BUILDING IN WEST CHESTER, PA FOR $300K+ PER UNIT
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Rittenhouse Realty Advisors is pleased to announce the sale of the 124 Marketplace Apartments located at 124 E. Market Street in West Chester, PA. The property has 88 apartments and 4 commercial units, as well as garage parking for 76 vehicles. The newly constructed property features large one and two-bedroom apartments with chef-inspired kitchens and French doors opening to Juliette balconies.  The building offers tenants off-street garage parking, a state-of-the-art fitness center, keyless entry and building-wide wireless access.  The property is located within walking distance to the cafes, restaurants and shops along Market Street and Gay Street in the heart of downtown West Chester.  It is also convenient to West Chester University and Chester County Hospital, as well as Routes 202, 322, I-76 and I-95.

West Chester is a picturesque and historic community located about one hour outside of Philadelphia that offers small-town charm with cosmopolitan flair. The borough boasts over 70 boutiques and over 65 award winning restaurants.  It is also home to West Chester University, the 4th largest university in the Philadelphia region.

Mark Duszak, Director at RRA, stated: “124 Marketplace Apartments attracted numerous investors, including both institutional and private buyers given the strategic, downtown West Chester location and potential upside with below market rents at $1.70 SF.”

“Given the unique location in downtown West Chester we saw potential buyers from all over the country show interest in this asset. We conducted over 50 property tours and received over 20 offers,” noted Corey Lonberger, Managing Partner at RRA.

Ken Wellar, Managing Partner at RRA, added: “RRA continues to execute on the sale of core mixed-use opportunities in both urban and suburban markets.”

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