Rittenhouse Realty Advisors has sold a 15-unit community in Philadelphia’s Fishtown neighborhood. The property traded for $6 million. RRA thoroughly renovated 19th century ex-industrial asset in 2015. The buyer, a private German investor, was represented and advised by Greenstone Realty Advisors LLC in the transaction.
The sale is one of the many deals recently completed by RRA in this vibrant area of Philadelphia. “The Fishtown neighborhood is the most exciting and desirable area in the city. This has translated into high rental rates which has allowed our team to sell multifamily investments at record breaking prices-per-unit,” said Mark Duszak, director at RRA, in a prepared statement.
The luxury community located at 1101-03 Franklin Ave. features loft apartments with high-end finishes, in-unit washers and dryers, electronic code locks, a hydraulic lift parking garage which fits 10 cars and a fitness center. The ground floor has a commercial component which is currently leased to Fishtown Brewpub, a gastropub featuring local drinks and cuisine.
The building is minutes away from Fishtown’s food and art scene, with Frankford Avenue featuring dozens of pubs, restaurants and cafés. Residents are within walking distance of several public transit options, as well as major thoroughfares such as interstates 95 and 676. Philadelphia’s Center City is minutes away, with its large employers and leisure destinations, such as several museums, or the Fillmore Philadelphia music venue.
Image courtesy of Rittenhouse Realty Advisors