RRA Sells Two Apartment Complexes – 50 Total Units Valued at $3,095,000
Rittenhouse Realty Advisors, the region’s newest real estate investment services firm, has announced the sale of two apartment complexes in Philadelphia, Pennsylvania valued at $3,095,000, according to Ken Wellar, a Managing Partner of the firm’s Philadelphia office.
Situated in the Mount Airy section of Philadelphia, the property at 45-49 East Cliveden Street consists of 40 units with a mix of one, two and three-bedroom units. At the time of sale, the property was 80 percent occupied. The Cliveden Street property represents a great value add opportunity in a desirable area of the City, and boasts accessibility to shops and restaurants in Chestnut Hill and Manayunk as well as Fairmount Park. Corey Lonberger, Ken Wellar and Mark Duszak procured the buyer on this sale.
The other sale involved two multi-family properties situated near the University of Pennsylvania. Located in the Garden Court historic district, 4626 and 4641 Spruce Street, consists of two, four-story converted row homes with a total of 10 units. Corey Lonberger, Ken Wellar, Mark Duszak and David Greenhalgh had the exclusive listing to market the property on behalf of the seller and procured the buyer as well. “Both properties offer excellent value add opportunities in highly sought after neighborhoods in Philadelphia,” noted David Greenhalgh, an associate with the company. “The buyers of these assets plan on major renovations to significantly increase values,” added Greenhalgh.
Ken Wellar, Managing Partner at Rittenhouse Realty Advisors, stated that “investors are willing to stretch pricing to buy value add deals, and both of these properties were in excellent markets with the opportunity to increase rents by about $150 per unit.” Wellar added that “University City and Mount Airy are highly sought after areas of the City. The properties drew a lot of activity, and we received multiple offers on both properties.” Further, “both buyers are very well known local apartment owner/operators who understand the market and what it will take for these properties to succeed.”
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. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
Read the full article at Market Wired.