RRA Sells Six Walk-Up Apartment Buildings Totaling 40 Units in Center City, Philadelphia Totaling $8.5 Million
PHILADELPHIA, Sept. 08, 2021 — Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of six walk-up apartment buildings in the Washington Square, Rittenhouse Square, and Queen Village neighborhoods of Center City, Philadelphia. The sales included the following properties: 11 units at 623 & 625 Pine Street, 9 units at 2015 Walnut Street, 5 units at 614 South 3rd Street, 6 units at 735 Spruce Street, & 9 units at 1127 Spruce Street.
Each of the properties offered value-add opportunities. All well-located for tenant enjoyment of Philadelphia’s popular restaurants, cafes, and shops as well as within close proximity to public transportation, these properties generated a great deal of interest from buyers in the market.
Ken Wellar, Managing Partner at RRA, stated: “We are seeing more out-of-state capital look at core Center City real estate as part of their long-term, generational investment plans. These buyers are looking for high-quality buildings in great locations.”
Alan Krawitz, an Associate at RRA who worked on the transactions, added: “Brownstone assets in irreplaceable locations play a key role in the rental housing stock in Philadelphia. They sit at rent levels below boutique new-construction, Class-A, fully amenitized, high-rise assets, providing the renter value without sacrificing proximity to the action.”