14B — August 19 - September 15, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
P Providing real estate brokerage services to government, institutional & non-profit sectors RRA/GREA partners with CVA Commercial Group, a Certified Minority Business Enterprise HILADELPHIA, PA — Rittenhouse Realty Advisors , a member of agencies, institutions and non- profit organizations.
met more driven and excep- tional professionals than the team Ken Wellar and Corey Lonberger have created. I’m also looking forward to being a part of a best-in-class national network like GREA. All of the partner companies have been, and continue to be, the very best in their respective mar- kets. And, being an MBE Certi- fied company, this partnership will enable our collective group to pursue government and institutional contracts and as- signments nationally through our vast network of relation- ships.” MAREJ RRA/GREA sells 51 units in historic Old City Philadelphia for $13,000,000+ PHILADELPHIA, PA — Rittenhouse Realty Advi- sors , a member of GREA announced the sale of Penn’s View, a 51 unit loft-style apartment building in the historic Old City neighbor- hood of Philadelphia. Located at 303 Vine St., the prop- erty has irreplaceable char- acter including exposed brick, vaulted ceilings, and exposed beams from the original tim- ber frame construction. The property was marketed by RRA/GREA as a value-add opportunity, with opportunities to complete upgrades to kitch- ens, baths, and flooring. Adding amenities such as an expansive roof deck, gym, and outdoor garden or courtyard would bring the property in line with other buildings in the neighbor- hood and allow a new owner to increase rental income. Alan Krawitz , senior as- sociate at RRA/GREA, who worked on the sale, stated: “We were fortunate to have selected a committed and resilient buyer in the midst of a turbulent interest rate environment. They recognized they could unlock significant value in an asset that has ir- replaceable character. What new construction lacks are the details typically found in adap- tive reuse properties. Things like 13 foot ceilings, exposed brick, and timber framing. When you enhance those de- tails with upgraded finishes and redesigned common areas you can deliver a product that commands significant rent premiums.” MAREJ
“This was a natural partner- ship for us,” said Ken Wellar , managing partner at RRA. “With our collective experi- ence and specific industry knowledge we are uniquely po- sitioned to serve these sectors. We’re thrilled to work with Vince, who has a vast depth of knowledge in government, institutional, and non-profit real estate transactions.” Vince Jolly stated: “I’m very excited to partner with RRA. I’ve worked in this business for a long time and haven’t
GREA , is pleased to announce a new partnership with indus- try veteran Vincent Jolly , and CVA Commercial Group. The partnership was formed to support efforts to serve local governments and institutions in real estate acquisitions and dispositions. Rittenhouse Realty Advisors has had noted success in com- mercial real estate brokerage since opening in 2013. In re- cent months they announced a partnership with similar firms
Vincent Jolly
Ken Wellar
Corey Lonberger
around the country, called GREA, to address the needs of private capital groups who own or are growing property portfo- lios in multiple markets across
the US. CVA is a Certified Minority Business Enter- prise (MBE) , co-founded by Jolly, with a specialized focus on working with government
FOR SALE
49 BEDS / 20 UNITS STUDENT HOUSING SYRACUSE UNIVERSITY - SYRACUSE, NY
25 UNITS / 135 BEDS STUDENT HOUSING UNIVERSITY OF DELAWARE - NEWARK, DE
25 PROPERTIES / 156 BEDROOMS / 187 BEDS STUDENT HOUSING COLLEGE OF NJ - EWING, NJ
66 UNITS MARKET RATE DELAWARE COUNTY, PA
99 UNITS + COMMERCIAL SPACE DEVELOPMENT SITE NORTHERN LIBERTIES - PHILADELPHIA, PA
79 UNITS MARKET RATE UNIVERSITY CITY - PHILADELPHIA, PA
61 UNITS + COMMERCIAL MARKET RATE BREWERYTOWN - PHILADELPHIA, PA
93 UNITS MARKET RATE WALNUT HILL - PHILADELPHIA, PA
APPROVED FOR RESIDENTIAL DEVELOPMENT DEVELOPMENT OPPORTUNITY WYNNEWOOD, PA
$605M+/- Transactions Closed So Far in 2022
Investment Sales Team
Ken Wellar, Managing Partner Corey Lonberger, Managing Partner Mark Duszak, Director Luke DeLuca, Vice President Bob DiPasquale, Vice President
Douglas Sitt, Co-Head of Student Housing Alan Krawitz, Senior Associate Kyle McShane, Associate Jeffrey Goldstein - NY BOR 9110168, NJ BOR 9110168 Domenick Peronti - DE BOR RB0020193
Home Office 107 S. 2nd Street, 4th Floor Philadelphia, PA 19106 ph. 215.454.2852 info@rittenhouserealty.com
www.rittenhouserealty.com
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