Rittenhouse Realty Advisors Sells 21 Multi-Family Units in Center City, Philadelphia for $3,785,000

PHILADELPHIA, Dec. 03, 2019 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors is pleased to announce the sale of a four-property portfolio consisting of 21 units in the Fitler Square and Graduate Hospital neighborhoods of Center City, Philadelphia.  The properties are located at 2129 Pine Street, 2402 Spruce Street, 1725 Bainbridge Street, and 621 S. 18th Street.  The portfolio sold at a 4.33% T-12 cap rate.
This portfolio presented a value-add opportunity to buyers, including the opportunity to increase rents after renovating the kitchens and bathrooms. The properties are close to the city’s most popular restaurants, cafes, and boutiques.  They are also convenient to public transit and major employers in Center City and University City. Ken Wellar, Managing Partner at RRA, stated: “This portfolio was a great value-add opportunity in Center City, Philadelphia.  The buyer was an international buyer that plans to do major upgrades to all of the units.”“With RRA’s unique marketing process we were able to get numerous offers for the seller to consider and were able to sell at a price higher than our asking price,” added Corey Lonberger, Managing Partner at RRA.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.www.RittenhouseRealty.comPress Contact: Corey Lonberger and Ken Wellar
Managing Partners
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/451b9d3d-ce65-4455-a2ea-a5e99f4126f5
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