SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

September 10, 2013 11:00 ET

Rittenhouse Realty Advisors Sells 48 Apartment Units in Philadelphia

PHILADELPHIA, PA--(Marketwired - Sep 10, 2013) - Rittenhouse Realty Advisors, the region's newest real estate investment services firm, has announced the sale of 48 apartment units in Philadelphia trading for a total consideration of just over $1,730,000, according to Ken Wellar, Managing Partner of the firm's Philadelphia office.

Ken Wellar, Corey Lonberger and Mark Duszak, successfully brokered the transaction to local investors of the marketplace. The transaction shows Philadelphia's self-reliance in the multi-family housing market as value add properties continue to sell quickly.

"The properties were in 3 locations, one was in Northeast Philadelphia which has traditionally always been a solid neighborhood for investment properties and the other two were in North Philadelphia which continues to show a strong turn around with buyers interested in true value add opportunities," stated Mark Duszak. "This transaction continues to show the strength of the Philadelphia multi-family housing market," according to Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. "The upside potential to these value add properties made this a very attractive deal for the savvy investor," remarked Corey Lonberger.

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.

Contact Information

  • Press Contact:
    Corey Lonberger
    Ken Wellar
    Mark Duszak
    Managing Partners
    (215) 454-2852