Rittenhouse Realty Advisors Sells 66 Apartments in Philadelphia, PA Totaling $8,080,000

PHILADELPHIA, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a commercial real estate sales brokerage based in Philadelphia, is pleased to announce the sale of 66 apartments in the Germantown section of Philadelphia. The property consists of 33 duplexes, each with two 1-bedroom apartments with garage parking for each unit. Tenants enjoy great access to vibrant retail districts and outdoor activities as well as close proximity to a SEPTA Regional Rail to Center City, Philadelphia. The property was marketed as a value-add opportunity in a growing market.Ken Wellar, managing partner at RRA, stated: “We are seeing more out-of-state buyers paying aggressive cap rates based on pro-forma assumptions. Arborwood has great rent growth potential given the seller owned the properties for over 30 years.”

For more information on current rates or to view our available listings visit www.RittenhouseRealty.com and www.GREA.com.

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout 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, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.

Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/916e844a-6d76-405f-afe3-8b4c369b3fe9