{"id":7717,"date":"2023-01-20T03:20:18","date_gmt":"2023-01-20T09:20:18","guid":{"rendered":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-a-member-of-grea-sells-59-units-in-the-manayunk-roxborough-section-of-philadelphia-for-19250000\/7717\/"},"modified":"2023-01-20T21:20:18","modified_gmt":"2023-01-21T03:20:18","slug":"rittenhouse-realty-advisors-a-member-of-grea-sells-59-units-in-the-manayunk-roxborough-section-of-philadelphia-for-19250000","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/rittenhouse-realty-advisors-a-member-of-grea-sells-59-units-in-the-manayunk-roxborough-section-of-philadelphia-for-19250000\/7717\/","title":{"rendered":"Rittenhouse Realty Advisors, a Member of GREA, Sells 59 Units in the Manayunk\/Roxborough Section of Philadelphia for $19,250,000"},"content":{"rendered":"
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The Vault – Philadelphia, PA<\/figcaption>
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PHILADELPHIA, Dec. 12, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of The Vault, a newly constructed 59 unit property located at 5801 Ridge Avenue in the Manayunk\/Roxborough section of Philadelphia. The property sold at over $325,000 per unit to a New York based buyer in a 1031 exchange.<\/p>\n

The Vault, developed by Stamm Development Group of Philadelphia, was designed with a mix of studio, one, and two-bedroom units all completed with high-end finishes. The apartments sit above 4,300 square feet of street level commercial\/retail space.<\/p>\n

The property offers secure, covered, off-street parking along with easy access to I-76 and multiple train and bus lines. It is well located for residents to enjoy numerous neighborhood amenities including a vibrant restaurant and cafe culture as well as local boutiques and shops. <\/p>\n

Ken Wellar, managing partner at RRA\/GREA, noted: \u201cEven with market fluctuations we were still able to get top pricing for Stamm Development, who put out a quality product in a great location. We are seeing 1031 buyers chasing quality assets.\u201d<\/p>\n

\u201cThe Vault, situated on the border of Roxborough and Manayunk, is strategically located just a short walk to Manayunk’s Main Street. This sale demonstrates the strong buyer demand for high-quality neighborhoods within the City of Philadelphia even with today’s more volatile lending environment,\u201d added Mark Duszak, director at RRA\/GREA.<\/p>\n

Michael Stamm, CEO of Stamm Development, stated: “The Vault is one of many multi-family projects we have ongoing in Northwest Philadelphia. Although we aren’t typically sellers, GREA did a tremendous job making a market for the property during a tough economic environment at a great price. We are really pleased with the outcome and look forward to future business together.”<\/p>\n

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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

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/b0f535d6-4700-47dd-9aba-0284d0815fc0<\/a><\/p>\n

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<\/p>\n

The Vault – Philadelphia, PA<\/p>\n

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