SOURCE: Rittenhouse Realty Advisors
PHILADELPHIA, PA--(Marketwired - Sep 9, 2013) - Rittenhouse Realty Advisors, the region's newest real estate investment services firm, has announced the sale of 70 apartment Units in the Lehigh Valley area for a total consideration of just over $3,000,000, according to Ken Wellar, Managing Partner of the firm's Philadelphia office.
Ken Wellar, Corey Lonberger and Mark Duszak successfully brokered the transaction to investors outside of the marketplace. The Lehigh Valley is the fastest growing and third most populous region in the state of Pennsylvania which is attracting buyers from the Northeast region.
"Due to the competitive nature of the Philadelphia MSA and the lack of inventory for investors, the Lehigh Valley is attracting buyers from New York, North Jersey and Philadelphia," stated Mark Duszak. "Buyers from tertiary markets are helping to drive the Lehigh Valley into a strong and desirable investment opportunity especially for those seeking tremendous value add investments," according to Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
"The excellent unit mix and condition of the property made this a very attractive deal for the value add 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.