RRA Sells Two Value-Add Multi-Family Properties In Downtown Philadelphia
PHILADELPHIA, PA–(March 16, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of two apartment buildings in Philadelphia: 1514 West Girard Avenue, in the rapidly developing Francisville neighborhood, and 280 South 23rd Street in the Fitler Square/Rittenhouse Square area.
1514 West Girard Avenue presented an excellent value-add opportunity in a neighborhood that has experienced notable redevelopment in recent years. The six unit property (with potential to add a seventh unit) is a ten minute walk from Center City and is one block from the Broad Street subway line. David Greenhalgh, an associate at RRA, stated: “This property represented an attractive rehab opportunity with great upside potential. Within the first two weeks of marketing, we received multiple offers and procured the buyer.”
280 South 23rd Street is located in one of the most desirable neighborhoods in Philadelphia, with great access to the region’s best hospitals, the popular Schuylkill River River Trail, regional and local public transportation and the neighborhood’s numerous cafes and restaurants. Ken Wellar, managing partner at RRA, said: “This property’s prime location enabled it to trade at a 5.3% cap rate.” Vincent Tagliente, an associate at RRA, added: “The property sold at approximately $180,000 per unit, making it another price-per-unit record for RRA and Fitler Square as well. Based on the level of interest this listing generated, the neighborhood continues to be an attractive option for Center City investors.”