RRA Sells 99 Units Totaling $11,775,000 in University City, Philadelphia, PA
PHILADELPHIA, PA–(6/22/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the of the Florence Garden Apartments, located at 506 S. 41st Street, and The Lexington, located at 4207 Chester Avenue, both in the University City section of Philadelphia.
Florence Garden Apartments contains 56 units, consisting of a mix of studio, one and two-bedroom apartments. The Lexington has 43 units; about half are studios and half are one-bedroom units. Both properties are located in the desirable Spruce Hill neighborhood of University City, where residents have easy access to Center City, Philadelphia, via trolley, as well as events at popular Clark Park, and restaurants and shops along Baltimore Avenue. Both buildings feature keyless entry, hardwood flooring, updated kitchens and baths, as well as on-site laundry facilities.
“University City is one of the most active submarkets in Philadelphia. These properties are a block from the University of the Sciences, which will make them very attractive to students,” stated Ken Wellar, Managing Partner at RRA.
Mark Duszak, Director at RRA, added: “The University City market continues to attract both local and out-of-state private capital and is currently one of the hottest investment markets in Philadelphia. These particular assets are poised for repositioning and offer a significant amount of upside.”