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National  + Apartments  | 
31-Unit Philly Apartment Building Sells for $9.8 million

31-Unit Philly Apartment Building Sells for $10M

Rittenhouse Realty Advisors has sold a recently constructed, 31 unit apartment building located at 1216-1226 N 5th Street in the Olde Kensington neighborhood of Philadelphia for $9.8 million.

Ken Wellar, managing partner at Rittenhouse said: “We were able to secure a buyer who was new to the Philadelphia market. This is the fifth deal our firm has sold on this block.”

Alan Krawitz, senior associate, added: “The asset provided an attractive risk-adjusted basis for the buyer. Marking in-place rents to market will increase the value of the asset yielding attractive cash returns while limiting capital expenditures.”


Inside The Story

Ken WellarAlan Krawitz

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

  • ◦Sale/Acquisition
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