RRA Sells 2 Philadelphia Assets for $13M
- Mar 23, 2017
Philadelphia—Rittenhouse Realty Advisors, a real estate advisory firm, announced the sale of the Breckenridge Plaza Apartments in Phoenixville, and the Janwood Apartments in Downingtown.
A 92-unit complex, Breckenridge Plaza was constructed in 1971 and is located off of the Route 422 corridor. At closing, the property was 43 percent vacant. Janwood Apartments consists of a mix of 38 studio, one- and two-bedroom apartments. The building is within walking distance of the Downingtown Train Station. The complex was fully occupied as of March 2017 and was sold 98 percent of list price.
“Rarely do true value-add opportunities become available in Chester County. When they do, the interest level is very high. We ended up with more than 40 tours and a dozen offers at each property,” said Corey Lonberger, managing parter, in a prepared statement.
Formed in 2013 and based in Philadelphia, RRA specializes in the sale of apartment communities and residential development sites. Recently, the company arranged the sale of a five-property portfolio in Center City.
Image courtesy of RRA