2A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal

www.marejournal.com M id A tlAntic R eAl e stAte J ouRnAl Complex in west Chester, PA Rittenhouse RealtyAdvisors sells a 60 Unit Apartment

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EST ChESTER, PA — Rittenhouse Realty Advisors ,

one of the region’s newest real estate investment services firms, has announced the sale of Forest Manor, a 60 unit apartment complex located in West Chester, according to Corey Lonberger , man- aging partner of the firm’s Philadelphia office. The asset was sold as a note sale in lieu of deed. Corey Lonberger, Ken wellar, Steve miceli and mark Duszak, had the list- ing to market the property on

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Mid Atlantic Real Estate Journal Linda Christman, Publisher/CEO 800-584-1062 or 781-871-5298 • fax 781-871-5299 www.marejournal.com — Call or fax today for a FREE SAMPLE COPY! —

Forest Manor

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behalf of the seller. “We had the exclusive list- ing on the property for the seller and when it looked as though the loan was coming due we began reaching out to potential note buyers and working with the lender.” said Steve Miceli. n Pugliese Associates was hired to assist in lobbying efforts. Within a few weeks, CPREA representatives and constitu- ent appraisers across the state met with many members of the Senate, the House of Represen- tatives and various regulatory agencies, discussing the nega- tive aspects and consequences of SB869 that had not been previously considered. As a result – and with nega- tive reactions to SB869 from the Pennsylvania Real Estate Commission, the State Board of Certified Real Estate Ap- praisers and the Department of State – the bill has been tabled in the Senate at least until the next legislative session begins. Lawmakers are now urging forthright stakeholder com- promise on revisions to the bill before it moves forward, which is exactly what the CPREA at- tempted months ago and PAR rejected. The Coalition of Pennsylva- nia Real EstateAppraisers will continue to work diligently to craft responsible compromise on this legislation, or to defeat it outright if compromise fails, but the campaign to do so will be costly. The CPREA is well on its way to raising the funds necessary, but our fund-raising goal remains unmet. We hope that you will lend your support and financial assistance to this important legislative effort today! n continued from page 16A CPREA . . .

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