SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

April 07, 2014 11:07 ET

Rittenhouse Realty Advisors Sells 89 Unit Apartment Community in Philadelphia, Valued at $7,100,000

PHILADELPHIA, PA--(Marketwired - Apr 7, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of Wyndmoor Gardens, an 89 unit apartment community located in the historic Chestnut Hill neighborhood of Philadelphia. 

Wyndmoor Gardens consists of 88 apartments (63% of which are two bedroom units) one retail unit and 21 income producing garages. It is within walking distance to the charming downtown area of Chestnut Hill, home to numerous restaurants, cafes and shops and close to the recreational hiking trails of the Wissahickon Valley section of Fairmount Park, one of the largest urban parks in the world. "The property traded at a sub 5% CAP on trailing 12 month numbers in the heart of Chestnut Hill," stated Ken Wellar, Managing Partner. "It presented tremendous upside potential to a new buyer coming in."

The property's location is ideal for renters who work in major employment centers such as Philadelphia, Conshohocken or King of Prussia, as each is within a 20 minute drive. It is situated directly across from the SEPTA Regional Rail Station for convenient access to downtown Philadelphia. 

Wyndmoor Gardens presented an excellent value-add opportunity given that the majority of the units had not been updated and the rents were well below market. "A local private capital group purchased the property and they are planning to complete high-end upgrades to the units and subsequently increase the rents significantly," noted Corey Lonberger, Managing Partner. 

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