M id A tlantic Real Estate Journal — Pennsylvania — September 17 - October 21, 2021 — 13B P ennsylvania
Apartments are located near downtown Phoenixville RRA's DiPasquale sells 95 unit apartment building
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HOENIXVILLE, PA — Rittenhouse Realty Advisors announced the sa l e o f O a k w o o d Manor Apart- me n t s , l o - cated at 1017 West Bridge St. Half of the 95 units in the building are one-bedroom apartments and the other half are two bedroom units. Robert DiPasquale , a se- nior associate at RRA who worked on the transaction, stated: “Pricing is at an all-time high with interest rates hold- ing at historical lows, which enabled us to capitalize on post PHILADELPHIA, PA — MSC announced the sale of 119 South 31st St. in Philadelphia. The property is a 79,200 s/f, five story office building The seller was represented by JP Colussi and Jacob Cooper fromMSC. “Our teamwas able to identify the opportunity within a P Robert DiPasquale
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a wider base of potential buy- ers than our competitors. This buyer came from the NJ/NYC market and is planning an extensive renovation project at the property to increase rents significantly,” added Corey Lonberger , managing partner at RRA. MAREJ
stabilization underwriting for our client. We were happy to be able to facilitate a fruitful transaction for both parties and close the sale at a sub 4% cap rate on trailing numbers.” “Through RRA’s unique mar- keting process, we were able to expose the opportunity to strong market, secure a best-in- class developer and are proud to be a part of what will no doubt be a wonderful development for the area and the City of Philadelphia at large” said JP Colussi, VP of MSC investment sales. The property was purchased by Landmark Properties .
Cooper of MSC brokers sale of 119 S 31st St., Philadelphia Landmark Properties will de- molish the existing structure, and plans to construct an 18-sto - ry, 291,850 s/f student hous - ing building. The Standard at Philadelphia will include 280 residential units, 3,082 s/f of commercial/retail space and 37 parking spaces. MAREJ
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