{"id":6545,"date":"2022-07-18T22:34:22","date_gmt":"2022-07-19T03:34:22","guid":{"rendered":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-a-member-of-grea-sells-73-units-plus-15000-sf-of-commercial-space-in-philadelphia-for-22800000\/6545\/"},"modified":"2022-07-19T17:34:22","modified_gmt":"2022-07-19T22:34:22","slug":"rittenhouse-realty-advisors-a-member-of-grea-sells-73-units-plus-15000-sf-of-commercial-space-in-philadelphia-for-22800000","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-a-member-of-grea-sells-73-units-plus-15000-sf-of-commercial-space-in-philadelphia-for-22800000\/6545\/","title":{"rendered":"Rittenhouse Realty Advisors, A Member of GREA, Sells 73 Units Plus 15,000 SF of Commercial Space in Philadelphia for $22,800,000"},"content":{"rendered":"
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PHILADELPHIA, June 22, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Spring Lofts in Philadelphia. The buildings, located at 1217-35 Spring Garden Street and 1222-30 Ridge Avenue, consist of 73 apartment units, 43 parking spaces and 15,016 square feet of commercial space.<\/p>\n

Spring Lofts is located in the dynamic Spring Arts\/Callowhill\/Loft District Section of Philadelphia – home to breweries, restaurants, live music venues and universities. The area has seen a surge in redevelopment and new construction in recent years, along with the development of Philadelphia\u2019s Rail Park, modeled after NYC\u2019s High-Line park.<\/p>\n

A strong family office new to the Philadelphia market purchased the property. Ken Wellar, Managing Partner at RRA\/GREA, stated: \u201cSpring Lofts sits in a rapidly redeveloping area off of 12th and Spring Garden Street. The buyer was able to see the upside in rent growth potential.\u201d<\/p>\n

\u201cThe sellers did a great job in renovating the residential units with high-end finishes and attracting quality businesses to the commercial units. They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time,\u201d added Corey Lonberger, Managing Partner at RRA\/GREA.<\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/9d73be2a-3c1f-475d-817f-65dcbc9f4a23<\/a><\/p>\n

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

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout 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, mixed-use, and development properties with significant residential components. RRA is a member of <\/em>GREA<\/u><\/em><\/a> with brokerage offices throughout the United States.<\/em><\/p>\n

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

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Spring Lofts Philadelphia, PA<\/p>\n

\"Spring Spring Lofts Philadelphia, PA <\/div>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6545"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6545"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6545\/revisions"}],"predecessor-version":[{"id":6577,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6545\/revisions\/6577"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}