SOURCE: Rittenhouse Realty Advisors
PHILADELPHIA, PA--(Marketwired - Feb 12, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of the Linden Court Apartments in Northeast Philadelphia. The property was built in 1962 and is the only rental community located within the desirable residential section of Academy Gardens.
It is located directly in front of the John F. Byrne Golf Course and only minutes from the Torresdale-Frankford Country Club. Linden Court's Academy Road address offers convenient access to public transportation (SEPTA transit stop directly in front of apartments) and major transportation arteries (Interstate-95, U.S. Route 1, Interstate-276 and U.S. Route 13) for tenants.
"The Far Northeast is a strong rental market, typically with low vacancy and steady rental increases," observed Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. Linden Court had enjoyed high occupancy rates over the past few years, as the previous owners put over $1.5 million into capital improvements, including new kitchens and bathrooms in 75% of the units.
Rittenhouse Realty Advisors Director, Mark Duszak, summarized the sale: "Our proprietary marketing process for the Linden Court Apartments showed the tremendous strength of buyer demand for Multi-Family properties in the Greater Northeast section of Philadelphia. We had multiple local and regional bidders that generated a sub 7% capitalization rate sale. The bidders recognized the value of below market rents along a highly visible location along Academy Road. The property was ultimately purchased by a local, private capital client of Rittenhouse Realty Advisors."
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.