RRA SELLS 95 UNIT APARTMENT BUILDING NEAR DOWNTOWN PHOENIXVILLE, PA
PHILADELPHIA, PA–(8/17/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of Oakwood Manor Apartments, located at 1017 West Bridge Street close to downtown Phoenixville, PA. Half of the 95 units in the building are one-bedroom apartments and the other half are two bedroom units.
Robert DiPasquale, a Senior Associate at RRA who worked on the transaction, stated: “Pricing is at an all-time high with interest rates holding at historical lows, which enabled us to capitalize on post stabilization underwriting for our client. We were happy to be able to facilitate a fruitful transaction for both parties and close the sale at a sub 4% cap rate on trailing numbers.”
“Through RRA’s unique marketing process, we were able to expose the opportunity to a wider base of potential buyers than our competitors. This buyer came from the NJ/NYC market and is planning an extensive renovation project at the property to increase rents significantly,” added Corey Lonberger, Managing Partner at RRA.