RRA Sells Two Multi-Family Properties In Chester County, PA
Rittenhouse Realty Advisors is pleased to announce the sale of two properties totaling twenty-one units in Chester County, PA. Rothrock Manor, located at 428 North Church Street in West Chester, is an eight unit historic property. Mansion House, located at 8 Paul Nelms Drive in Downingtown, is a former mansion converted into thirteen units.
Rothrock Manor is a beautifully renovated and restored historical apartment house in the borough of West Chester, with upgraded interior finishes including high-end kitchens and baths. The property is well-located, enabling residents to walk to the many boutiques, restaurants and specialty shops in the borough. “This property is a great fit for the buyer who is a local owner/operator. With historical 100% occupancy, Rothrock Manor illustrates the demand for high quality apartments,” stated Steve Miceli, an RRA associate who specializes in the Chester County market.
The sale of Mansion House also included an adjacent one acre (approximately) lot with potential to build income producing property. The structure had received significant capital improvements over the past ten years including new windows and a new boiler, but offered new ownership the opportunity to continue the renovation plan to improve kitchens and bathrooms. “The group that purchased Mansion House is an owner/operator out of suburban Philadelphia and this was a great addition to their growing portfolio,” said Corey Lonberger, Managing Partner of RRA.