{"id":2917,"date":"2021-06-01T14:51:45","date_gmt":"2021-06-01T19:51:45","guid":{"rendered":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-sells-185-unit-apartment-portfolio-in-university-city-philadelphia-for-23-million\/2917\/"},"modified":"2021-06-02T09:51:45","modified_gmt":"2021-06-02T14:51:45","slug":"rittenhouse-realty-advisors-sells-185-unit-apartment-portfolio-in-university-city-philadelphia-for-23-million","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-sells-185-unit-apartment-portfolio-in-university-city-philadelphia-for-23-million\/2917\/","title":{"rendered":"Rittenhouse Realty Advisors Sells 185 Unit Apartment Portfolio in University City, Philadelphia for $23 Million"},"content":{"rendered":"
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University City Portfolio Sold By Rittenhouse Realty Advisors <\/h5>\n

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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 \u2013 4622 Chester Avenue) sold for a total of $23 million.<\/p>\n

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.<\/p>\n

Ken Wellar, Managing Partner at RRA, stated: \u201cThese 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.\u201d<\/p>\n

\u201cThis 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,\u201d added Corey Lonberger, Managing Partner at RRA.<\/p>\n

For more information on current rates or to view our available listings visit www.RittenhouseRealty.com<\/u><\/a>.<\/p>\n

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.
<\/em>www.RittenhouseRealty.com<\/a><\/u><\/p>\n

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Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852<\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/3abc1e7d-6d8c-4884-9277-5db821a8025e<\/a><\/p>\n<\/p>\n

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University City Portfolio Sold By Rittenhouse Realty Advisors <\/p>\n
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