RRA SELLS SHIRT CORNER APARTMENTS IN OLD CITY, PHILADELPHIA FOR $22,000,000
Rittenhouse Realty Advisors is pleased to announce the sale of the Shirt Corner Apartments in the historic Old City neighborhood of Philadelphia. The property, built in 2015, is located at 259 Market Street and contains 62 apartments and 1 commercial space, which is leased to national health food chain Snap Kitchen. The four-story luxury building features in-demand tenant amenities including bicycle storage, a fitness center, a package room, and off-street parking. The high-end apartments have kitchens with stone countertops and stainless-steel appliances, modern baths, in-unit washers/dryers and ample closet space. The modern/industrial apartments were architecturally designed to achieve a sleek, contemporary feel.
The property sold at $350,000 per unit. Ken Wellar, Managing Partner at RRA, stated: “Old City has been one of the strongest markets in Philadelphia over the last 18 months in terms of rental growth. We believe this neighborhood will have the most upside in rent growth over the next 5 years.”
The property was purchased by Counter Capital Management, an out-of-state joint venture between real estate industry veterans Christian Dalzell and Mukang Cho. Corey Lonberger, Managing Partner at RRA, explained, “Our unique marketing process has been extremely successful in bringing new buyers to the Philadelphia MSA, more so than any of our competitors.”
With favorable market conditions and an influx of interest from buyers in other markets, the future of the multi-family industry looks bright in Philadelphia in 2020 and beyond. Mark Duszak, Director at RRA, noted, “Philadelphia’s multi-family outlook is robust with strong multi-family rent growth, out of area investors exiting rent-controlled markets and low interest rate financing. These factors allow sellers to capitalize on record breaking prices-per-unit in Philadelphia.”