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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.”
- ◦Sale/Acquisition
