RRA Sells The Annex Apartments in Brewerytown, Philadelphia for $9,200,000
PHILADELPHIA, PA (8/23/17) — Rittenhouse Realty Advisors is pleased to announce the sale of The Annex, a new modular construction development of twelve triplexes, totaling 36 apartment units. The property is located in the growing Brewerytown neighborhood of Philadelphia, at 3019-3041 Master Street. The apartments consist of two and three-bedroom units, each with two bathrooms, along with private parking, as well as a shared roof deck with swimming pool and dog park. The property was developed by Dana Spain and Sean McGovern of McSpain Development.
Ken Wellar, Managing Partner at RRA, stated: “To achieve over $255,000 a unit in Brewerytown is a sign that the neighborhood is a strong market to invest in, with room for more development. These types of sales are showing the growth of Philadelphia beyond Center City.”
The purchaser for The Annex was a group out of Houston, Texas. “The sale of The Annex is another example of how RRA’s unique marketing process is finding buyers in other markets to come to Philadelphia to buy multi-family properties,” added Corey Lonberger, Managing Partner.
Recent economic reports show notable job growth in Philadelphia, with growth surpassing that of even New York City in the last year. “Philadelphia is experiencing the longest period of expansion in job growth since the mid-1980’s. This is the primary reason why neighborhoods outside of Center City are growing and Brewerytown is a perfect example of this,” stated Mark Duszak, Director of RRA.