SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

August 14, 2014 10:35 ET

Rittenhouse Realty Advisors Sells 52 Luxury Units in East Falls, Philadelphia

PHILADELPHIA, PA--(Marketwired - Aug 14, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of 52 luxury apartments in the East Falls/Germantown neighborhood of Philadelphia. The property was completely renovated in 2009, with premium finishes in the kitchens and bathrooms. It is within a ten minute drive from Center City, Philadelphia and is also within walking distance to two SEPTA train stations. It is close to the walking and biking trails of Blue Bell Park, part of the Fairmount Park system. Cloverly Park boasts market leading rents and high occupancy, which made it a great opportunity for an established owner to add to their portfolio.

The search for a buyer revealed a growing number of New York investors interested in the Philadelphia market. Managing Partner Ken Wellar explained, "The New York investors we are currently working with are looking at Philadelphia as a safer market offering better returns." The property was purchased by New York based Castellan Real Estate Partners, who hold substantial assets in Manhattan. RRA Director Mark Duszak summarized the deal, stating: "The sale of Cloverly Park represents another example of the tremendous buyer demand for multi-family product within the City of Brotherly Love. This is the second purchase in Pennsylvania by this New York buyer and is indicative of Philadelphia's growing command along the East Coast."

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