SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

October 31, 2013 08:00 ET

Rittenhouse Realty Advisors Sells 66-Unit Apartment Complex in Lansdowne, Suburban Philadelphia Valued at $3,370,000

PHILADELPHIA, PA--(Marketwired - Oct 31, 2013) - Rittenhouse Realty Advisors is pleased to announce the sale of the Ath Dara and Romeo Court Apartments. Located in the heart of Lansdowne, Pennsylvania, the properties consisted of 66 total units, and are centrally located in Lansdowne, Delaware County. The properties are situated within walking distance to the SEPTA Regional Rail Line as well as to the downtown area. "The seller was looking to sell some properties outside of Center City and focus 100% of his time on that market," stated Ken Wellar, Managing Partner at Rittenhouse Realty Advisors. The buyer was a local group based out of Philadelphia who recently purchased two other assets in the immediate area. "The buyers plan on major renovations at the property, and will increase the rent roll significantly from the renovations. Given their history and the renovations that they plan to do, this is a great opportunity for them," noted Corey Lonberger, Managing Partner at Rittenhouse Realty Advisors. This was a unique deal as the buyer had to assume an existing loan in place from the current owner. At the time of settlement, the properties were roughly 95% occupied which is typical for core assets in Delaware County. For more information on this sale, please contact one of our team members. 

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.