Recent Center City Brownstone Apartment Sales by RRA
PHILADELPHIA, Sept. 08, 2021 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of six walk-up apartment buildings in the Washington Square, Rittenhouse Square, and Queen Village neighborhoods of Center City, Philadelphia. The sales included the following properties: 11 units at 623 & 625 Pine Street, 9 units at 2015 Walnut Street, 5 units at 614 South 3rd Street, 6 units at 735 Spruce Street, & 9 units at 1127 Spruce Street.
Each of the properties offered value-add opportunities. All well-located for tenant enjoyment of Philadelphia’s popular restaurants, cafes, and shops as well as within close proximity to public transportation, these properties generated a great deal of interest from buyers in the market.
Ken Wellar, Managing Partner at RRA, stated: “We are seeing more out-of-state capital look at core Center City real estate as part of their long-term, generational investment plans. These buyers are looking for high-quality buildings in great locations.”
Alan Krawitz, an Associate at RRA who worked on the transactions, added: “Brownstone assets in irreplaceable locations play a key role in the rental housing stock in Philadelphia. They sit at rent levels below boutique new-construction, Class-A, fully amenitized, high-rise assets, providing the renter value without sacrificing proximity to the action.”
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.
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/9fe13195-d331-43b2-af43-d280e77f5e7b
