RRA Sells Loft Apartment Building in East Kensington, Philadelphia for $195,000 Per Unit
PHILADELPHIA, PA–(July 13, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of the Arizona Lofts in the East Kensington neighborhood of Philadelphia. The property sold for over $195,000 per unit. Located at 2009 E. Arizona Street, Arizona Lofts is over 10,600 square feet, with many original building details intact, offering great potential for a future condo conversion. It is well located, just two blocks from SEPTA’s Market-Frankford Line and close to the shops, art galleries and restaurants on Frankford Avenue.
East Kensington has undergone a notable transformation over the past several years. Ken Wellar, Managing Partner at RRA, stated: “Arizona Lofts is in the center of one of the hottest neighborhoods in the city. Achieving a sales price of $195,000 per unit in this neighborhood shows the increasing strength of the area.”
Chris Egan, an Associate at RRA, added: “The positive trends of the area warranted a lot of interest from investors hungry to stake a presence in this neighborhood, but ultimately we picked a buyer who showed great creativity in his approach to maximizing the value of an already spectacular building.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.