Rittenhouse Realty Advisors Sells 28 Units in University City for Over $4.2 Million
PHILADELPHIA, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of University House Apartments, located at 801 South 47th Street in Philadelphia, Pennsylvania. The property features 28 apartments with a mix of studio, one-bedroom, two-bedroom, and three-bedroom units.
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University House Apartments is situated in the highly sought-after Clark Park area of University City with convenient access to Interstates 76, 476 and 95. It is situated on Baltimore Avenue, the neighborhood’s main thoroughfare, lined with restaurants and shops as well as a SEPTA trolley line that residents can take directly to Center City, Philadelphia. This property is also within walking distance of the University of the Sciences Philadelphia, the University of Pennsylvania, and Drexel University.
Ken Wellar, Managing Partner at RRA, stated: “The seller was able to capitalize on strong market conditions and sell at a great price due to the demand of the University City submarket.”
Corey Lonberger, Managing Partner, added: “The property was purchased by a local long-term holder that specializes in value-add opportunities in the University City market. They plan to renovate the kitchens and bathrooms to increase rents significantly at the property."
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.com
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4a966eb2-3a64-4080-814a-673664fb8bed
