6C — April 14 - 27, 2017 — Southeastern PA — M id A tlantic
Real Estate Journal
www.marejournal.com
S outheastern PA
Egan, an RRA associate worked on both transactions Rittenhouse Realty Advisors sells two mixed-use properties in Center City, Phila. totaling $6.225m P
HILADELPHIA, PA — Rittenhouse Re- alty Advisors to an- nounced the sale of two mixed- use properties in Center City, Philadelphia: 120 N. 3rd St. in the Old City neighborhood and 1701 South St. in the Graduate Hospital neighborhood. 120 N 3rd St. contains four high-end renovated loft-style apartment units and one unit in “shell” condition, along with a ground floor commercial unit. It is well located among the boutiques and cafes of 3rd St. and is just a few blocks from historical tourist attractions
like the Liberty Bell and the Betsy Ross House. “120 N 3rd is a beautiful property in a great submarket. We had an incredible amount of interest in this property, which speaks to the resurgence of the Old City neighborhood and its appeal to both local and out- of-town investors,” said Chris Egan , an RRA associate who worked on both transactions. 1701 South St. is a newly constructed building with 9 apartment units and a ground floor commercial unit leased to 7-Eleven, located on the southern edge of the Ritten- house Square neighborhood. The seller selected a buyer in less than 30 days after going to market. “The credit of the NNN retail tenant and the beautiful new construction residential units were a huge attraction for this asset. RRA’s unique marketing process procured several quali- fied offers. The deal ultimately traded at over 97% of our ask- ing price to an investor out of New York City,” Egan said. KenWellar , managing part- ner of RRA, added: “We are seeing more and more buyers coming down from New York chasing yield. It seems that $300,000 per unit is the new norm for newer construction in Philadelphia.” Based in Philadelphia, Penn- sylvania, Rittenhouse Realty Advisors is a real estate adviso- ry firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant resi- dential components. n
FOR SALE
1220 N. BROAD STREET Philadelphia, PA 296 Units | COMING SOON! FOR SALE
CALL FOR OFFERS DUE APRIL 19th, 2:00PM
RITTENHOUSE SQUARE PHILADELPHIA, PA 99 Units | $25,000,000 FOR SALE : ROOSEVELT APARTMENTS
THE BLENHEIM University City, Philadelphia, PA 55 Units | $7,800,000 FOR SALE
MANAYUNK DEVELOPMENT SITE Philadelphia, PA Approved for 72 Units | $3,900,000 FOR SALE
FOR SALE
BLOOMSBURG STUDENT HOUSING Bloomsburg, PA 95 Bedrooms | $4,125,000 FOR SALE
TEMPLE STUDENT HOUSING Philadelphia, PA 35 Bedrooms | $2,750,000
Ca l l ( 215 ) 454 - 2852 for a FREE Proper t y Va l uat i on ! Additional Information and Listings Available on Our Website: www.rittenhouserealty.com
Corey Lonberger, Managing Partner corey@rittenhouserealty.com
KenWellar, Managing Partner ken@rittenhouserealty.com
Mark Duszak, Director mark@rittenhouserealty.com
Chris Egan, Associate chris@rittenhouserealty.com
For information visit www.RittenhouseRealty.com or call (215) 454-2852
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