Rittenhouse Realty Sells 120 Units in DE
- Mar 28, 2018
Shortly after closing on the sale of a six-building student housing portfolio in Philadelphia‘s Temple University area, Rittenhouse Realty Advisors sold an apartment community in Wilmington, Del., to a group of investors operating in the New York/Northern New Jersey market. Las Casas Apartments traded for $10.3 million.
The 120-unit community is located at 5 Colony Blvd., within minutes of the city’s downtown area, as well as shopping, dining and entertainment destinations. Adjacent to the property is a swath of forest with a creek, as well as several other residential buildings. Governor Printz Boulevard and Interstate 495 are close, providing access towards the outer metro area, Philadelphia, Baltimore and Atlantic City.
Las Casas Apartments features six studios, 52 one-bedroom and 60 two-bedroom units, with sizes ranging from 650 to 1,100 square feet. Common amenities include elevators, trash chutes, a swimming pool, laundry facilities and 240 parking spaces. Constructed in 1975, the property represents a value-add investment for the buyer, which purchased a total of 515 units from RRA. According to Yardi Matrix, the property is 94 percent occupied and features average monthly rents of $1,065.
“Las Casas offered investors a perfect value-add opportunity with its large units and outstanding unit mix, with 50 percent two-bedroom apartments, coupled with the fact that it is located only 10 minutes from downtown Wilmington,” said Mark Duwzak, director at RRA, in a prepared statement.
Image courtesy of Rittenhouse Realty Advisors