SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

December 10, 2014 16:56 ET

Rittenhouse Realty Advisors Sells 153 Apartments in Value-Add Deal in Wilmington, Delaware for $4,150,000

PHILADELPHIA, PA--(Marketwired - Dec 10, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of the Woods Edge Apartments in Edgemoor, DE, a suburb of Wilmington that is situated right off of I-495. The property is comprised of 11, three-story buildings spread over 7.75 acres. There are 153 total units, with an excellent mix of one, two and three bedroom apartments or townhomes. 

The apartments were 87% vacant at the time of sale, creating a perfect opportunity for a complete renovation of the asset. "The property was purchased by Woods Edge Apartments LP, a limited partnership led by real estate investor Philip Balderston, who will be putting in over $3,000,000 in capital improvements," stated Ken Wellar, Managing Partner of RRA. 

Mark Duszak, Director of RRA, added, "This is RRA's third value-add deal we have closed this year in Delaware. The demand for these opportunities remains high." 

The property is convenient to Routes 3 and 13, as well as Interstate-495. It is a ten minute drive to downtown Wilmington and a thirty minute drive to Philadelphia, PA. Corey Lonberger, Managing Partner of RRA, noted, "Given its close proximity to two major employment centers, as well as the amenities of suburban Wilmington, when renovations are complete this property should achieve full occupancy very quickly." 

Domenick Peronti (License No. RB0020193) is the DE Broker of Record for Rittenhouse Realty Advisors.

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. 

www.RittenhouseRealty.com

Contact Information

  • Press Contact:
    Corey Lonberger and Ken Wellar
    Managing Partners
    215-454-2852

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