Rittenhouse Realty Advisors is selling six walk-up apartment buildings totaling 40 units in downtown Philadelphia for a total of $8.5 million

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Recent Apartment Sales in Brownstone Town Center by RRA

Recent Apartment Sales in Brownstone Town Center by RRA

PHILADELPHIA, Sept. 08, 2021 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a commercial real estate brokerage firm, is pleased to announce the sale of six walk-up apartment buildings in the Washington Square, Rittenhouse Square and Queen neighborhoods Center City Village, Philadelphia. The sales included the following properties: 11 units at 623 and 625 Pine Street, 9 units at 2015 Walnut Street, 5 units at 614 South 3rd Street, 6 units at 735 Spruce Street and 9 units at 1127 Spruce Street.

Each of the properties offered value-added opportunities. All conveniently located for tenants to take advantage of Philadelphia’s popular restaurants, cafes and shops as well as close to public transportation, these properties have generated a lot of interest from buyers in the market.

Ken Wellar, Managing Partner at RRA, said: “We are seeing more and more foreign capital looking to central downtown real estate as part of their long-term generational investment plans. These buyers are looking for high quality buildings in prime locations.

Alan Krawitz, a partner at RRA who worked on the transactions, added, “Brownstone’s assets in irreplaceable locations play a key role in Philadelphia’s rental housing stock. They are at lower rent levels than new construction, Class A, fully serviced, high-rise buildings, delivering tenant value without sacrificing proximity to the action.

For more information on current pricing or to view our available listings, visit www.RittenhouseRealty.com.

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm specializing in brokering multi-family communities throughout the Northeast region of the United States. Formed in February 2013 by a group of advisors with over 30 years of experience selling commercial investments, we focus on multi-family and mixed-use properties with significant residential components.

www.RittenhouseRealty.com

Press contact: Corey Longberger and Ken Wellar
Managing partners
215-454-2852

A photo accompanying this ad is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fe13195-d331-43b2-af43-d280e77f5e7b

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