M ID A TLANTIC Real Estate Journal — Pennsylvania — September 23 - October 20, 2022 — 13B P ENNSYLVANIA
www.marej.com
The property at 1120 Frankford Ave. will be constructed by U.S. Construction Inc. RRA, a member of GREA, sells 107 unit redev. site in Philadelphia for $5.75 Million
P
Alan Krawitz, a senior as- sociate at RRA/GREA, noted: “The location of the develop- ment project was the most significant driver of demand. We had several institutional groups bidding on the project, which highlights the national recognition that Fishtown is garnering. Previously, institu- tional capital focused on Center City and University City Phila- delphia without regard for the surrounding neighborhoods. This process, and other projects in the pipeline prove the radius of investable areas in Philadel- phia is expanding.” MAREJ
HILADELPHIA, PA — Rittenhouse Real- ty Advisors , a member of GREA announced the sale of a development site located at 1120 Frankford Ave. in Philadelphia, future home of a 107 unit apartment complex called “The Frankford.” The property will be constructed by Philadelphia based U.S. Construction Inc. and will con- tain 15,000 s/f of commercial/ retail space. Located just off of the in- tersection of Frankford Ave. and Girard Ave. in the heart of Philadelphia’s dynamic Fishtown neighborhood, The Frankford will offer resi- dents a state-of-the-art ame- nity package and luxurious apartment units. “We were very excited to help put this project to- gether,” said Ken Wellar , SCOPE sells 178- unit mixed-use development for $9.6 Million PHILADELPHIA, PA — Scope Commercial Real Estate Services, LLC (SCOPE) has closed the sale of 2019-53 E Boston St., a 178-unit adaptive reuse de- velopment project located in the East Kensington neigh- borhood of Philadelphia. The property sold for $9.6 million. SCOPE marketed the prop- erty on behalf of the seller, Vi- king Mill Associates LLC, and represented the buyer, an affili- ate of Chatham Bay. Managing director, Phil Sharrow and senior associate, Craig Thom led the transaction on behalf of SCOPE and the respective deal party. “As far as development prod- uct goes, this sale comes off the heels of 250+ units recently traded in the submarket by our office with another 450+ units in the pipeline,” noted Sharrow. “This project serves as a testament to the long-term dedication to the growth of this submarket and Philadelphia as a whole.” MAREJ Viking Mill rendering
managing partner at RRA/ GREA. “This is one of the most prime redevelopment sites in all of Fishtown. U.S. Construction is planning a state-of-the-art mixed-use project that will fit in well with the already developed neighborhood of Fishtown.” Fishtown has transformed in recent years to a cultural and dining destination. The property will be walking dis- tance from best-in-class bars, cafes, restaurants and enter- tainment venues as well as the Girard SEPTA Station to Center City, Philadelphia.
The Frankford
FOR SALE
20 UNITS / 49 BEDS STUDENT HOUSING SYRACUSE UNIVERSITY - SYRACUSE, NY
25 PROPERTIES / 156 BEDROOMS / 187 BEDS STUDENT HOUSING COLLEGE OF NJ - EWING, NJ
25 UNITS / 135 BEDS STUDENT HOUSING UNIVERSITY OF DELAWARE - NEWARK, DE
251 UNITS + PARKING DEVELOPMENT SITE BRIDGEPORT, PA
164 UNITS | 366 BEDS STUDENT HOUSING UPENN, DREXEL U. - PHILADELPHIA, PA
79 UNITS MARKET RATE UNIVERSITY CITY - PHILADELPHIA, PA
61 UNITS + COMMERCIAL MARKET RATE BREWERYTOWN - PHILADELPHIA, PA
93 UNITS MARKET RATE WALNUT HILL - PHILADELPHIA, PA
66 UNITS | 131 BEDS STUDENT HOUSING UNIVERSITY OF CONNECTICUT - MANSFIELD, CT
$635M+/- Transactions Closed So Far in 2022
Investment Sales Team
Ken Wellar, Managing Partner Corey Lonberger, Managing Partner Mark Duszak, Director Luke DeLuca, Vice President Bob DiPasquale, Vice President
Douglas Sitt, Co-Head of Student Housing Alan Krawitz, Senior Associate Kyle McShane, Associate Jeffrey Goldstein - NY BOR 9110168, NJ BOR 9110168, CT BOR REB0267956 Domenick Peronti - DE BOR RB0020193
Home Office 107 S. 2nd Street, 4th Floor Philadelphia, PA 19106 ph. 215.454.2852 info@rittenhouserealty.com
www.rittenhouserealty.com
Made with FlippingBook - Online catalogs