PHILADELPHIA, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of The Vault, a newly constructed 59 unit property located at 5801 Ridge Avenue in the Manayunk/Roxborough section of Philadelphia. The property sold at over $325,000 per unit to a New York based buyer in a 1031 exchange.
The Vault, developed by Stamm Development Group of Philadelphia, was designed with a mix of studio, one, and two-bedroom units all completed with high-end finishes. The apartments sit above 4,300 square feet of street level commercial/retail space.
The property offers secure, covered, off-street parking along with easy access to I-76 and multiple train and bus lines. It is well located for residents to enjoy numerous neighborhood amenities including a vibrant restaurant and cafe culture as well as local boutiques and shops.
Ken Wellar, managing partner at RRA/GREA, noted: “Even with market fluctuations we were still able to get top pricing for Stamm Development, who put out a quality product in a great location. We are seeing 1031 buyers chasing quality assets.”
“The Vault, situated on the border of Roxborough and Manayunk, is strategically located just a short walk to Manayunk's Main Street. This sale demonstrates the strong buyer demand for high-quality neighborhoods within the City of Philadelphia even with today's more volatile lending environment,” added Mark Duszak, director at RRA/GREA.
Michael Stamm, CEO of Stamm Development, stated: "The Vault is one of many multi-family projects we have ongoing in Northwest Philadelphia. Although we aren't typically sellers, GREA did a tremendous job making a market for the property during a tough economic environment at a great price. We are really pleased with the outcome and look forward to future business together."
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/b0f535d6-4700-47dd-9aba-0284d0815fc0
