SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

August 03, 2016 09:55 ET

Rittenhouse Realty Advisors Sells 153 Units in Suburban Philadelphia for $8,100,000

PHILADELPHIA, PA--(Marketwired - August 03, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of the Shirley Court Apartments, located in Upper Darby township in Delaware County. The property is well located, just 10 miles from Center City, Philadelphia, with easy access to SEPTA's 69th Street Station as well as Route 1, Route 3 and Interstate-476.

The previous owners had begun an extensive renovation program and placed new kitchens and baths in 70% of the units. The new owners have a great opportunity to finish renovating the rest of the units to improve their NOI. Ken Wellar, Managing Partner at RRA, stated: "The new buyer plans to continue upgrading the remaining units to increase rental income. The buyer is out of North Jersey and has numerous holdings in the immediate area."

Upper Darby has extreme barriers to entry, having had no new apartment properties built in the last 20 years. The unit layouts are superior to most other properties in the neighborhood.

In addition, the property offers approximately 2,000 square foot of open space (formerly a ballroom) that could be changed into a new amenity or apartment units. Corey Lonberger, Managing Partner at RRA, noted: "This is a desirable asset to own in Upper Darby. Through RRA's unique marketing process, we were able procure the right buyer at the highest price for the seller for Shirley Court." Mark Duszak, Director at RRA, added: "Value-add opportunities similar to this are in extreme demand in suburban Philadelphia. This asset hit all the buttons buyers are looking for."

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.

www.RittenhouseRealty.com

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Contact Information

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