Rittenhouse Realty Sells Philly Apartment Building
- Oct 19, 2016
Philadelphia—Rittenhouse Realty Advisors recently sold 811-815 North 2nd Street in Philadelphia’s Northern Liberties neighborhood for $3.2 million, or $290,000 per unit. The unknown buyer out of New York, who saw the area as a growing market with future rent increases, used a 1031 like-kind exchange to make the purchase.
The asset consists of 11 units and five stories, with 10 garage parking spaces and a private deck for each unit. The building is conveniently located at the 2nd St., the area’s hub for restaurants, nightlife and shopping, near the historic Old City. The Spring Garden and Girard subway stops are within walking distance, with Temple University being in close proximity as well.
“Northern Liberties has been one of the hottest submarkets in all of Philadelphia. We were able to achieve $290,000 per unit which is one of the highest prices per unit in that market place,” said Ken Wellar, managing partner of RRA, in prepared remarks.
Mark Duszak, director of RRA, added that “Our team has recently closed six different, new construction multifamily sales around $300,000 per unit in the city of Philadelphia. This demonstrates the strength of our current market.”
Image courtesy of Rittenhouse Realty Advisors