SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

November 13, 2013 15:17 ET

Rittenhouse Realty Advisors Sells 50-Unit Apartment Complex in Upper Darby, Delaware County, PA Valued at $2,700,000

PHILADELPHIA, PA--(Marketwired - Nov 13, 2013) - Rittenhouse Realty Advisors is pleased to announce the sale of Prescott Arms, a 50 unit apartment complex located in Upper Darby, Delaware County PA. The property's close proximity to SEPTA's bus system provides easy access to the City of Philadelphia, as well as West Chester Pike. It is conveniently located just a few stops from the shops and restaurants of SEPTA's 69th Street Terminal as well as the city of Philadelphia. 

"Prescott Arms presents an exceptional value-add opportunity to the buyer given its location and below market rents," stated Ken Wellar, Managing Partner at Rittenhouse Realty Advisors. The area is experiencing ongoing revitalization, with several national and international retailers planning to open new stores in the next few months. Upper Darby has been praised by local officials for its walkability; residents can easily access the area's restaurants and theaters on foot. "Given the property's excellent location, it has historically enjoyed 95% or higher occupancy rates," said Corey Lonberger, Managing Partner at Rittenhouse Realty Advisors. Prescott Arms was purchased by a buyer new to the market place, who plans major renovations to significantly increase rent roll.

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 and Ken Wellar
    Managing Partners