Real Estate Journal — October 28 - November 10, 2016 — 3A
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M id A tlantic R eal E state J ournal Located at 5450 Wissahickon Ave., Philadelphia, PA RRA sells 500-unit Charter Court Apartments for $56m P
Trading one investment property for another?
HILADELPHIA, PA — Rittenhouse Realty Advisors announced the sale of The Charter Court Apart- ments in the East Falls neigh- borhood of Philadelphia. The iconic property, located at 5450 Wissahickon Ave., contains 500 units in two connected, eleven story towers. Existing amenities include a pool, parking garage, club room, theater, yoga studio, and fitness center. Ken Wellar , managing part- ner of RRA, said: “The seller renovated roughly half of the apartments and was getting close to $100 more in rent per upgraded unit at the time of sale. The new owner plans to enhance the amenities package, as well as finish upgrading the rest of the units.” Charter Court is close to Philadelphia University, Drexel University College of Medi- cine and some of the top high schools in the city, Germantown Friends School and William Penn Charter School. It is also walking distance to the Queen value coverage only pays the insured for the market value of the property at the time of the loss, including a deduction for depreciation, so rebuilding or replacing could cost substan- tially more than the tenant will
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Charter Court Apartments
Lane stop on SEPTA regional rail, providing an easy commute to Center City, Philadelphia. “Given the buyer’s back- ground and success with similar value-add deals throughout the country, I am sure Charter Court will be a huge success for both them and the surround- ing community,” said Corey receive from an actual cash value insurance policy. Overlooking the importance of insurance provisions in a lease can be quite a costly mistake. While no one likes to imagine significant damage to their property, in the event
Lonberger , managing partner at RRA. Mark Duszak , director at RRA, added: “This is the second significant high-rise apartment sale within a 4% cap rate range in the last 12 months that our team has closed, which indi- cates the strength of the Phila- delphia market.” n that a casualty does occur, careful lease drafting will ease the burden of a loss and make the process thereafter much smoother for landlords. Jessica T. Zolotorofe, Esq. is an associate at Ansell Grimm & Aaron, PC. n
Prime Properties in Southern New Jersey Available For Lease
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
Insurance Lease Provisions. . . continued from page 2A
PRIME PROPERTY FOR LEASE 1050 THOMAS BUSCH MEMORIAL HIGHWAY
• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4
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