PHILADELPHIA, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a multi-family portfolio containing 34 apartments and 7 commercial units in the Queen Village/Society Hill area of Philadelphia. The addresses sold include: 721-725, 734, 736 & 746 South 4th Street, 307 & 327 Pine Street, and 1303 South 6th Street. The properties are well located for public transit access and access to I-95, as well as tenant enjoyment of the shops, restaurants, cafes, and nightlife of South Street, Passyunk Square, and Headhouse Square.
Ken Wellar, Managing Partner at RRA, stated: "This portfolio sits in one of the best locations in Philadelphia. The properties were owned and managed by a family office for more than 40 years. The new owner sees the value-add potential across the portfolio, given the quality of the properties and the prime location.“
Alan Krawitz, a Senior Associate at RRA who worked on the transactions, added: “The location, proximity, and rental upside in these assets drew significant attention. We fielded multiple bids above our asking price, reinforcing the narrative that well located value-add opportunities are top priority for capital in today’s market."
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory 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 residential components.
www.RittenhouseRealty.com
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/28de9804-268c-4f0f-a64a-af2622f3391e
