RRA Sells Philly-Area Apartment Community
- May 11, 2017
By Evelina Croitoru
Rittenhouse Realty Advisors has struck a deal to dispose of the Foxcroft Terrace Apartments in Darby, Pa. The 82-unit community traded for $5.4 million, which translates to almost $66,000 per unit. The new owner will operate the residential asset as Forest Creek Apartments.
“This is the third apartment community we have sold to this buyer in the last year. He is very bullish in the Southeast Delaware County market and has added over 300 units to his portfolio from this area alone,” RRA’s Managing Partner Ken Wellar said in a prepared statement.
Located at 300 N. Front St. Yeadon, the property features two-bedroom units, some of which with balconies. The apartments also offer hardwood and tiled floors. The three-story building completed in 1974 is close to the SEPTA Regional Rail to Philadelphia/Wilmington and to several bus lines. Additionally, the property is 25 minutes away from downtown Philadelphia, offering convenient access to Interstate 95.
“Delaware County is one of Philadelphia’s most active suburban markets. The strong buyer appetite for multi-family product is evidence of the strength of this submarket,” Mark Duszak, director of RRA, said in prepared remarks.
According to RRA’s Managing Partner Corey Lonberger, the disposition marks the 16th multifamily property the company sold in 2017.
Image courtesy of Rittenhouse Realty Advisors