PHILADELPHIA, Dec. 23, 2021 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of the Michner Court Apartments, located at 9400-30 Roosevelt Boulevard in the Bustleton neighborhood of Northeast Philadelphia.
The Roosevelt Boulevard is a major arterial route through Northeast Philadelphia. Tenants of Michner Court enjoy off-street parking and access to restaurants, shopping, major highways, as well as public transportation. The property was marketed by RRA on behalf of Michner Court Associates, L.P. an entity controlled by Liss Property Group, LLC who owns and manages 15 properties through the Northeast Philadelphia market, Valley Forge, and Norristown.
2021 has been a big year for apartment sales. Multi-family assets continue to be a top choice for commercial real estate investors. “We are seeing the most amount of activity in value-add, garden style apartments,” noted Ken Wellar, managing partner at RRA. “Through our firm’s unique marketing process, we received over 10 offers within a few weeks and were able to sell the property at above our list price.”
Mark Duszak, managing director at RRA, stated: “Northeast Philadelphia is a highly sought-after sub-market in Philadelphia for investors because of its limited supply of apartments, strong demographics and easy access to Center City, Philadelphia.”
“This is the second garden-style community in Northeast Philadelphia our team has sold this quarter,” added Austin McDevitt, an associate at RRA who worked on the transaction. “Investors from D.C. to Boston showed extreme levels of interest in both properties.”
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17b1735c-e399-4342-9bdc-65d92bf06228