RRA SELLS 185 UNIT APARTMENT PORTFOLIO IN UNIVERSITY CITY, PHILADELPHIA FOR $23 MILLION
by RRA on May 11, 2021
PHILADELPHIA, PA–(5/11/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a three property portfolio in University City near the University of Pennsylvania, Drexel University, and University of the Sciences. Camelot Apartments (59 units located at 3600 – 3606 Spring Garden Street), Sylvania Gardens Apartments (80 units located at 414 – 424 South 48th Street), and University Court Apartments (46 units located at 4618 – 4622 Chester Avenue) sold for a total of $23 million.
Each property is well located to serve as an off-campus housing option for students and staff of the local universities, with excellent walkability as well as easy access to public transportation.
Ken Wellar, Managing Partner at RRA, stated: “These three buildings sit in the heart of University City. We listed the portfolio on behalf of the seller who was a long-term owner/operator. There is significant upside for the new buyer to capture rental increases.”
“This property was previously marketed by other brokerage firms unsuccessfully. Our unique marketing process exposed the listing to a wide range of buyers leading to a successful transaction for all parties involved,” added Corey Lonberger, Managing Partner at RRA.
