SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

September 11, 2014 10:52 ET

Rittenhouse Realty Advisors Sells 26 Units in South Philadelphia Totaling $3,590,000

PHILADELPHIA, PA--(Marketwired - Sep 11, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of twelve units at 914-928-930 E. Passyunk Avenue in the Bella Vista neighborhood of Philadelphia and fourteen units at 710-16 S. American Street in Queen Village. The neighborhoods sit just south of Washington Square West and Society Hill, respectively, and boast a vibrant dining and entertainment scene, with destinations attracting visitors from Center City, suburban Philadelphia, as well as international tourists. 

This area of South Philadelphia has seen a fair amount of development and redevelopment over the past few years. Vincent Tagliente, an Associate with RRA who worked on the deals, said: "The boom in the Center City, Philadelphia market is stretching beyond its traditional boundaries. The effect can be felt in neighborhoods like the now appealing Queen Village and Bella Vista, once dismissed as 'second rate' South Philly. Those neighborhoods now have their own cache and are being sought after by investors seeking better pricing and better returns." 

Both properties are conveniently located close to public transportation and many walkable amenities. Managing Partner of RRA, Ken Wellar, stated: "Both buyers see the value-add opportunity in these properties and plan to make upgrades and raise rents. The property on American Street will be undergoing a complete gut renovation in an effort to attract the influx of renters seeking to live in the neighborhood." 

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.

www.RittenhouseRealty.com

Contact Information

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