SOURCE: Rittenhouse Realty Advisors
PHILADELPHIA, PA--(Marketwired - Mar 31, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of The Villas, a 240 unit apartment complex in New Castle, Delaware. The property features a mix of 55 one-bedroom units and 185 two-bedroom units. It is located just off of Christiana Road, with major arterial roads like I-95 and Routes 1, 7, 13, 40 and 20 easily accessible.
The buyer was Korman Residential Properties. The Villas is the most recent addition to their portfolio of properties, the majority of which are located in Pennsylvania and Delaware. "This was the second deal that Korman Residential purchased from this seller. Given the success they have had with the other project we are confident that The Villas will be a great addition to their portfolio," noted Ken Wellar, Managing Partner.
The property presented a great value-add opportunity to the buyer. "Given the amount of renovations needed at the property and the upside potential that is available in the rents, this was an excellent opportunity for Korman Residential as they have an enormous amount of experience with value add projects in this market," observed Corey Lonberger, Managing Partner.
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. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.