Rittenhouse Realty Advisors sells six elevator-free apartment buildings totaling 40 units in Center City, Philadelphia, for a total of $ 8.5 million

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PHILADELPHIA, Sep 08, 2021 (GLOBE NEWSWIRE) – Rittenhouse Realty Advisors, a commercial real estate brokerage firm, is pleased to announce the sale of six elevator-free apartment buildings in the Washington Square, Rittenhouse Square and Queen neighborhoods Village of Center City, Philadelphia. 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 opportunities for added value. All conveniently located for tenants to enjoy Philadelphia’s popular restaurants, cafes and shops, as well as close to public transportation, these properties have generated great interest from buyers in the market.

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

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

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

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate consulting firm specializing in brokerage of multi-family communities in the northeastern 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 Lonberger and Ken Wellar
Managing partners
215-454-2852

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

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Recent sales of apartments in downtown Brownstone by RRA

Recent sales of apartments in downtown Brownstone by RRA


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