SOURCE: Rittenhouse Realty Advisors
PHILADELPHIA, PA--(Marketwired - Aug 22, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of 33 apartments and 10 commercial units at 4441-7 Chestnut Street and 126-36 S. 45th Street in the University City neighborhood of Philadelphia. The properties are located just blocks from Drexel University and the University of Pennsylvania, making them a convenient option for students. The apartments have excellent occupancy history, and are typically leased to graduate students from U. Penn. The units also underwent a large scale renovation in 2008, which included over $1,200,000 in improvements.
This portfolio is primed to benefit from the Penn Connects Expansion Plan, which aims to boost the economic, educational and social capacity of Philadelphia, and to create seamless gateways between West Philadelphia and Center City. This 20 year plan and expanding growth of University City will continue to increase the demand and value for investment properties in the West Philadelphia area.
Vincent Tagliente, an associate at RRA, summarized the transaction, stating: "The strong price per unit we were able to secure, along with the area's excellent rental history clearly illustrates the desirability and continued growth of the University City District. In essence, what we are seeing is investors willing to entertain investments with smaller yields in the short term with the confident expectation of future value and long term gains."
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.