University City Portfolio Sold By Rittenhouse Realty Advisors
PHILADELPHIA, May 11, 2021 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a three property portfolio in University City near the University of Pennsylvania, Drexel University, and University of the Sciences. Camelot Apartments (59 units located at 3600 – 3606 Spring Garden Street), Sylvania Gardens Apartments (80 units located at 414 – 424 South 48th Street), and University Court Apartments (46 units located at 4618 – 4622 Chester Avenue) sold for a total of $23 million.
Each property is well located to serve as an off-campus housing option for students and staff of the local universities, with excellent walkability as well as easy access to public transportation.
Ken Wellar, Managing Partner at RRA, stated: “These three buildings sit in the heart of University City. We listed the portfolio on behalf of the seller who was a long-term owner/operator. There is significant upside for the new buyer to capture rental increases.”
“This property was previously marketed by other brokerage firms unsuccessfully. Our unique marketing process exposed the listing to a wide range of buyers leading to a successful transaction for all parties involved,” added Corey Lonberger, Managing Partner at RRA.
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
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.
www.RittenhouseRealty.com
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3abc1e7d-6d8c-4884-9277-5db821a8025e
