RRA Sells High Rise Apartment Building in Philadelphia, PA for North of $40 Million
PHILADELPHIA, PA–(Marketwired – October 01, 2015) – Rittenhouse Realty Advisors is pleased to announce the sale of the Hill House Apartments in the Chestnut Hill neighborhood in Philadelphia, PA. The property consists of 188 apartment units and sold at a 4.1% T-12 CAP Rate and a price north of $40,000,000. The buyer, Equus Partners out of Philadelphia, plans a major renovation project that will include unit renovations along with extensive work to common areas.
The property attracted an enormous amount of interest from both local private capital buyers as well as institutional buyers from across the country. “We conducted over fifty property tours and more than twenty offers were submitted on the property,” stated Corey Lonberger, a Managing Partner at Rittenhouse Realty Advisors who represented the property for the seller.
The seller is based in Austin, Texas and this was the only multi-family property that he owned in the Philadelphia area. It had been in his family since it was constructed in the 1960’s. Through RRA’s unique marketing process they were able to generate interest from potential buyers from across the country and well as internationally. “We had buyers as far west as California, as far south as Florida and even had a few pension funds internationally that showed serious interest in the asset,” noted Ken Wellar, also a Managing Partner at RRA. Mark Duszak, Director of RRA, added, “RRA’s unique marketing process allowed us to target the top three multi-family buyer types: institutions, hybrid-capital and private capital. This resulted in a tremendous amount of interest, tours and offers.”
Hill House is a trophy high-rise asset that rarely comes for sale in Philadelphia, let alone in Chestnut Hill, a well-established neighborhood with few high rise developments. It presented excellent upside potential for the new buyer post renovations. Its excellent location provides tenants with easy access to the shops and restaurants of Chestnut Hill, along with easy access to SEPTA bus and train routes that allows for easy access to Center City, Philadelphia.
Rittenhouse Realty Advisors has closed on north of $300,000,000 in multi-family transactions since it opened in 2013. They focus on the sale of market rate apartments, student housing along with developable land that has a multi-family component.
Originally printed here.