PHILADELPHIA, PA--(Marketwired - December 01, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of Holmes Gardens Apartments, Silver Lake Apartments and Rosedale Apartments, located in Holmes, PA and Morton, PA in Delaware County. The properties are located in the western Philadelphia suburbs, just a 30-minute drive to Center City.
The portfolio consists of three properties totaling 67 units. All centrally located in Delaware County, the assets offer the buyer an excellent value-add opportunity by renovating kitchens and baths. "This particular suburban Philadelphia market has always been steady with decent rental growths. This portfolio is the third asset in Delaware County that we have sold to this particular buyer from northern New Jersey. The buyer's plan is to complete some upgrades to increase the NOI," stated Ken Wellar, Managing Partner of RRA.
The properties have maintained historically high occupancy at 95% or higher over the last five years. Corey Lonberger, Managing Partner of RRA, added: "This was a great deal for both the buyer and the seller. The low interest rates allowed the seller to obtain an aggressive price while the buyer acquired an excellent value-add opportunity in a great location."
Rittenhouse Realty Advisors was the exclusive representation of the seller, which was an affiliate of Friedman Realty Group, Inc. based in Gibbsboro, NJ.
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
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.
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