Rittenhouse Realty Advisors Sells Wyndmoor Gardens Apartment Asset for $7.1 Million
- Apr 14, 2014
A residential complex in Chestnut Hill, one of the most beautiful neighborhoods of Philadelphia, recently changed ownership in a $7.1 million transaction.
Rittenhouse Realty Advisors sold the Wyndmoor Gardens apartment community at 219 E. Willow Grove Avenue to an undisclosed local private capital group. Located directly across the street from the Wyndmoor SEPTA Regional Rail Station and offering convenient access to downtown Philadelphia, Conshohocken and King of Prussia, the horse shoe shaped complex consists of five residential buildings totaling 88 apartments (63 percent of which are two-bedroom units), one retail store and 21 income-producing garages.
“The property traded at a sub 5% CAP on trailing 12 month numbers in the heart of Chestnut Hill,” stated Ken Wellar, managing partner with Rittenhouse Realty Advisors.
Wyndmoor Gardens was sold with excellent value-add opportunity for the buyer as most of the units haven’t been renovated and are still rented at below the market average. Information from LoopNet.com reveals that average rents in the Chestnut Hill submarket range from $900-$1,000 per month for one-bedroom units to $1,300-$1,400 per months for two-bedroom units. According to Rittenhouse, the new owner of Wyndmoor Gardens plans to complete high-end upgrades to the 88 units which could push up rents by a whopping 25 percent.
Image via Rittenhouse Realty Advisors