RRA Sells a 32 Unit Apt Building in Philadelphia, PA
Rittenhouse Realty Advisors, the region’s newest real estate investment services firm, has announced the sale of 32 Lofts, a 32 unit loft style apartment building located in Philadelphia, according to Ken Wellar, Managing Partner of the firm’s Philadelphia office.
Ken Wellar, Corey Lonberger and Mark Duszak introduced the buyer, a local investor, to the property and brought the deal to a successful closing. 32 Lofts is located at 1701 North 6th Street in the growing neighborhood of Old Kensington in Philadelphia.
“The property is a great example of how dynamic the multi-family housing market has become in Philadelphia,” stated Ken Wellar, a Managing Partner with Rittenhouse Realty Advisors.
“To transform historic warehouse space into sexy loft style living is exactly what new and established buyers in the Philadelphia market are attracted to,” stated Lonberger.
“The buyer was a well-known local multi-family owner/operator who understood the location and concept of the building. The excellent unit mix and layouts made this a very attractive deal,” according to Mark Duszak.
“The sale of 32 Lofts proves the growth of Center City/Philadelphia is vibrant and still pushing North as it sits just north of Northern Liberties and attracts some of the tenants being priced out of Center City and now Northern Liberties,” remarked Ken Wellar.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
Read the full article at Marketwired