18B — April 22 - May 19, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
Firms fifth deal sold on the Philadelphia block RRA sells new apt. building totaling 31 units in Olde Kensington Neighborhood for $9.05 Million
P HILADELPHIA, PA — Rittenhouse Real- ty Advisors , amember of GREA announced the sale of a 31 unit apartment build- ing located at 1216-1226 N 5th St. in the Olde Kensington neighborhood of Philadelphia. The property was recently con- structed with condo-quality finishes and amenities, includ- ing gated parking, a rooftop desk, and a gym. Tenants enjoy convenient access to the SEPTA’s Market- Frankford train line to Cen- ter City, Philadelphia. The property is within walking
opportunities as asset reposi- tioning comes with increased risk in a rising interest rate environment. MAREJ Feinberg Real Estate Advisors reps. LVEDC in its Bethlehem lease
Ken Wellar , managing partner at RRA, stated: “We were able to secure a buyer who was new to the Philadel- phia market. This is the fifth deal our firm has sold on this block.” Alan Krawitz , senior as- sociate, added: “The asset provided an attractive risk- adjusted basis for the buyer. Marking in-place rents to market will increase the value of the asset yielding attractive cash returns while limiting capital expenditures. We are seeing an uptick in buyers interested in light value-add
1216-1226 N 5th St.
distance to numerous popular dining, shopping, and enter-
tainment options in Fishtown and Northern Liberties.
SOLD
SOLD
SOLD
520 N. New St.
BETHLEHEM, PA — Fein- berg Real Estate Advisors LLC represented the Lehigh Valley Economic Develop - ment Corporation (LVEDC) in its lease of 520 N. New St., a three-story, 11,000 s/f prop- erty in the City of Bethlehem, Northampton County. Cindy McDonnell Fein - berg, CCIM of Feinberg Real Estate Advisors repre- sented Lehigh Valley Eco- nomic Development Corpo- ration in the two-year search for a new location. “While several high-quality locations were considered, the new building was the only one that provided LVEDC the opportunity to be a single ten- ant,” said LVEDC president & CEO Don Cunningham. “Additionally, like LVEDC’s previous space, its Bethlehem location is ideally central to within the overall Lehigh Valley region.” “We regularly host business leaders and decision-makers who are considering establish- ing a location in the Lehigh Valley and our new office will provide a great environment for us to help introduce them to the region,” added Cunningham. “It was a pleasure to help LVEDC with their very ex- tensive two-year search of the Lehigh Valley,” said Cindy McDonnell Feinberg. “The organization had an opportu- nity to personally tour fifteen properties and considered nu- merous lease proposals. At the end of the process, 520 N. New Street in Bethlehem proved to be a perfect new home for the LVEDC,” Feinberg said. MAREJ
267 UNITS / 715 BEDS STUDENT HOUSING UNIVERSITY OF SYRACUSE - SYRACUSE, NY
1,200 UNITS SELF STORAGE GRAYS FERRY - PHILADELPHIA, PA
81 UNITS QOZ DEVELOPMENT SITE CHINATOWN - PHILADELPHIA, PA
SOLD
SOLD
SOLD
281 UNITS / 309 BEDS MARKET RATE UNIVERSITY CITY - PHILADELPHIA, PA
297 APARTMENTS / 107 TOWNHOMES 27,000 SF COMMERCIAL MARKET RATE NORTHERN LIBERTIES - PHILADELPHIA, PA
31 APARTMENTS MARKET RATE OLD KENSINGTON - PHILADELPHIA, PA
SOLD
SOLD
SOLD
300 UNITS / 780 BEDS STUDENT HOUSING STATESBORO, GA
401 BEDS / 300 APARTMENTS STUDENT HOUSING USF - TAMPA, FL
21 APARTMENTS MARKET RATE BETHLEHEM, PA
$400M+/- Closed So Far in 2022.
Investment Sales Team
Home Office 107 S. 2nd Street, 4th Floor Philadelphia, PA 19106 ph. 215.454.2852 info@rittenhouserealty.com
Ken Wellar, Managing Partner Corey Lonberger, Managing Partner Mark Duszak, Director Jeffrey Goldstein - NY BOR 9110168 Rodney Henson - FL BOR BK3514545
Luke DeLuca, Vice President Alan Krawitz, Senior Associate Douglas Sitt, Student Housing Specialist Jennifer Stein - GA BOR H66414
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