University House Apartments, 801 South 47th Street, Philadelphia, PA
PHILADELPHIA, PA—Rittenhouse Realty Advisors brokered the $4.2 million sale of University House Apartments, located at 801 South 47th Street in Philadelphia, PA. The property features 28 apartments with a mix of studio, one-bedroom, two-bedroom, and three-bedroom units.
The property, originally built in 1923, was last acquired by Resource Real Estate in June 2017 as part of a three-property portfolio, for approximately $1.4 million of the portfolio's $7 million sale price, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
The buyer was not identified.
University House Apartments is situated in the highly sought-after Clark Park area of University City with convenient access to Interstates 76, 476 and 95. It is situated on Baltimore Avenue, the neighborhood's main thoroughfare, lined with restaurants and shops as well as a SEPTA trolley line that residents can take directly to Center City, Philadelphia. This property is also within walking distance of the University of the Sciences Philadelphia, the University of Pennsylvania, and Drexel University.
“The seller was able to capitalize on strong market conditions and sell at a great price due to the demand of the University City submarket,” says Ken Wellar, managing partner at RRA.
“The property was purchased by a local long-term holder that specializes in value-add opportunities in the University City market,” says Corey Lonberger, managing partner. “They plan to renovate the kitchens and bathrooms to increase rents significantly at the property.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
