SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

February 27, 2015 11:28 ET

Rittenhouse Realty Advisors Sells 2 Properties Totalling 31 Apartments and 14 Garages

PHILADELPHIA, PA--(Marketwired - February 27, 2015) - Rittenhouse Realty Advisors is pleased to announce the sale of the Albemarle Apartments in Lansdowne, PA and 223-227 N. 63rd Street in Philadelphia, PA. The Albemarle Apartments consist of 12 apartments, all with two bedrooms and one bathroom, as well as 14 income producing garages. The property is conveniently located near SEPTA's Media/Elwyn Regional Rail for easy access to downtown Philadelphia. "The property sold for north of $90,000 per unit, which is very strong for this market," stated Corey Lonberger, Managing Partner at RRA.

223-227 N. 63rd Street features 19 apartments, and has an excellent unit mix, with 90% of the units having two or three bedrooms. The property closed within ninety days of marketing, in large part due to in-place rents being well under market, coupled with the fact the property is within walking distance to SEPTA's Market/Frankford Line as well as The 69th Street terminal. The terminal is Philadelphia's gateway to the western suburbs and is currently undergoing a $19 million renovation. "The buyer is planning significant upgrades for the property which will greatly increase the NOI," noted Ken Wellar, Managing Partner of RRA.

The Albemarle Apartments in Lansdowne, PA

223-227 N. 63rd Street Philadelphia, PA

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.

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Contact Information

  • Press Contact:
    Corey Lonberger and Ken Wellar
    Managing Partners