RRA Sells Luxury Apartment Building in University City for $2,425,000
PHILADELPHIA, PA–(December 16, 2015) – Rittenhouse Realty Advisors is pleased to announce the sale of the Residences at 3939, a new construction property comprised of 11 luxury apartments and a ground floor commercial unit. The building has an excellent unit mix of one-bedroom units, two-bedroom/two bath units, and three-bedroom/two bath units. Additionally, the commercial space was recently leased by Neighborhood Bike Works for a 10 year term that contains annual rental increases.
The property is located on Lancaster Avenue in the University City/Powelton Village neighborhood. This area is highly desirable due to its excellent walkability as well as its close proximity to world class medical facilities and universities, including: University of Pennsylvania, Drexel University, University of the Sciences, Penn Medicine and CHOP. Ken Wellar, Managing Partner of Rittenhouse Realty Advisors, stated: “The Lancaster Avenue area is one of the hottest areas in University City. With new offices under construction and hospitals building close by, this is one of the most rapidly developing areas in Philadelphia.”
University City also has an outstanding rental pool. “54% of residents over the age of 25 in University City have a Bachelor’s or Advanced degree,” noted Mark Duszak, Director of Rittenhouse Realty Advisors. “Through our unique marketing process, we attracted great interest from groups in Mid-Atlantic markets from New York to D.C. Ultimately, a local operator was awarded the property.”
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.
Article originally published here.