4C — April 12 - 25, 2019 — Pennsylvania — M id A tlantic

Real Estate Journal


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


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



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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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