Rittenhouse Arranges Sale of PA Apartments
- Dec 28, 2018
A 28-unit boutique residential building in Philadelphia has traded for $4.2 million. Rittenhouse Realty Advisors (RRA) arranged the deal on behalf of the seller, Rittenhouse Portfolio Associates LLC. The buyer, a long-term holder, was not disclosed.
The property, University House Apartments, features a mix of studio, one-, two- and three-bedroom units and is situated in the Clark Park area of University City. Located at 801 S. 47th St., the building offers convenient access to interstates 76, 476 and 95. A variety of restaurants and shops are steps away on Baltimore Avenue, as well as a SEPTA trolley line that travels directly to Center City.
Additionally, the property is within walking distance from the University of the Sciences Philadelphia, the University of Pennsylvania and Drexel University. The new owner plans to renovate the kitchens and bathrooms at the building.
“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,” said Ken Wellar, managing partner at RRA, in prepared remarks.
Earlier this year, RRA sold a six-property, 92-bed student housing portfolio near Temple University in Philadelphia, as well as a 16-unit property in the Fishtown neighborhood.
Image courtesy of Rittenhouse Realty Advisors