4C — April 12 - 25, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania Wellar arranges $6.105 million trade in the Rittenhouse Square neighborhood RRA reports record per unit sales prices among recent multi-family sales totaling over 13 million
P
H I LADELPH I A , PA — Rittenhouse Rea l ty Adv i sors
announced three recent t r a n s a c - tions in the Philadelphia MSA. Wal- nut Tower, a 1 0 - u n i t building lo- cated at 201
Ken Wellar
S. 22nd St. in the Rittenhouse Square neighborhood traded for $6.105 million. The prop- erty contains nine luxury apartments with high-end fin- ishes and 1 commercial unit,
Wynnefield Court
Walnut Tower
629 E Girard Ave which was leased prior to sale by Rittenhouse Retail to The Color Room, a boutique salon based out of New Jersey.
Tower is their first acquisi- tion in the Philadelphia MSA. They paid a record price per unit for Philadelphia – over $610,000 per unit.” The firm also sold a newly constructed mixed-use prop- erty in Fishtown, located at 629 E. Girard Ave. The property consists of two com- mercial units and nine apart- ments with high-end finishes. Rittenhouse Retail leased one of the commercial units to Freedom Mortgage, the na- tion’s 5th largest mortgage provider, prior to sale. The building sold at $300,000+\- per unit. Corey Lonberger , manag- ing partner at RRA, said: “629 E. Girard offered the buyer an excellent opportunity to own a newly constructed mixed-use property in Fishtown, one of Philadelphia’s most highly sought-after neighborhoods.” The Rittenhouse Retail team, led by CEO Larry Steinberg , and associates Don Avellino, Evan Stein- berg and BarWoidislavsky , successfully leased the retail spaces of Walnut Towers and 629 E Girard, enabling these sellers to achieve maximum value for their properties. “This retail leasing capability is an important asset to any potential seller of commercial property, and provides RRA clients with a clear advantage in the marketplace,” said Steinberg. Additionally, the firm closed Wynnefield Court, eight new- ly-constructed twin-style stu- dent townhomes that consist of 34 bedrooms/ 42 beds lo- cated at 5400 Wynnfield Ave. close to St. Joseph’s Univer- sity. The property traded at $500,000+/- per townhome, “a price reflective of its location two blocks from SJU as well as its 100% occupancy since construction,” according to Mark Duszak , director at RRA.
purchasing core deals in Cen- ter City. Wellar said: “The buyer in this transaction was from Hong Kong and Walnut
Ken Wellar , managing partner at RRA, who arranged the transaction, noted the con- tinued influx of foreign capital
FOR SALE
FOR SALE
700 N DELAWARE AVE Northern Liberties - Phila, PA Build 692 Units - 3+ Acre Site Subject to Offer FOR SALE
PENNSIDE MANOR Lower Alsace Township, PA 40 Apartments $2,750,000 FOR SALE
124 MARKETPLACE West Chester, PA 88 Apartments | 4 Commercial $33,500,000
OPPORTUNITY ZONE !
OPPORTUNITY ZONE !
734-742 SANSOM Washington Sq. - Phila, PA Redevelopment Opportunity 87,504 SF Subject to Offer FOR SALE
DEVELOPMENT SITE S. Kensington, Philadelphia, PA Build 42 Apartments + Retail $2,300,000 FOR SALE
FOR SALE
DEVELOPMENT SITE Kensington, Philadelphia, PA Build 32 Units or Purchase Fully Built and Leased!
OPPORTUNITY ZONE !
WEST VILLAGE Mill Creek/W. Philadelphia, PA 86 Townhome Apts. w/ Parking $31,000,000 FOR SALE
FOR SALE LOCUST TOWER University City - Phila, PA 40 Apartments + Office $5,100,000
40th & LUDLOW University City - Phila, PA Build 64 Apartments + Commercial Subject to Offer FOR SALE
$85+ Mi l l ion in Property Sold in Q1 2019
Ca l l ( 215 ) 454 - 2852 for a FREE Proper t y Va l uat i on ! Additional Information and Listings Available on Our Website: www.rittenhouserealty.com
KenWellar, Managing Partner ken@rittenhouserealty.com
Jeffrey Goldstein NY B.O.R. #10491207562 NJ B.O.R. #9110168
Corey Lonberger, Managing Partner corey@rittenhouserealty.com
Mark Duszak, Director mark@rittenhouserealty.com
For information visit www.RittenhouseRealty.com or call (215) 454-2852
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