RRA Sells Apartment Complex In Runnemede, NJ
PHILADELPHIA, PA, July 21, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of the Hillcrest Apartments, a 14 unit apartment complex situated in Runnemede, New Jersey. The apartment complex is situated in an appealing residential area of Runnemede just off Clements Bridge Road and minutes from Evesham Road providing residents of Hillcrest Apartments access to the abundant shopping, dining and necessary amenities located along these major thoroughfares. In addition, the property’s central location allows residents excellent accessibility to Route 168 (the Black Horse Pike) which is the major artery to Interstate-295 at Exit 28 and the New Jersey Turnpike at Exit 3. Further, Hillcrest Apartments is less than a 15 minute drive to major employment centers including Philadelphia, Cherry Hill, Deptford and Marlton.
Built in 1967, this garden-style apartment complex consists of two buildings. “With an outstanding mix of 86% two-bedroom and 14% one-bedroom apartments, the property’s unit mix is superior in the sub-market,” noted Mark Duszak, a Director with Rittenhouse Realty Advisor who represented the Seller in the transaction. “This property has outstanding upside potential,” remarked Ken Wellar, Managing Partner. “Current rents are below market and the property has recently undergone substantial capital improvements which should enable new ownership to command higher rents.”
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.
Mark Duszak, Director, Rittenhouse Realty Advisors (NJ License 0047530)
Kenneth Wellar, Managing Partner, Rittenhouse Realty Advisors (NJ License 1005492)
Jeffrey P. Goldstein, Broker of Record (NJ License 9110168)