Ken Wellar, managing partner, Rittenhouse Realty Advisors, Philadelphia, PA
PHILADELPHIA, PA—Rittenhouse Realty Advisors completed three recent multifamily property sales totaling more than $13 million in the Philadelphia MSA. Walnut Tower, a 10-unit building located at 201 S. 22nd Street in the Rittenhouse Square neighborhood traded for $6.105 million. The property contains nine luxury apartments with high-end finishes and one commercial unit, which was leased prior to sale by Rittenhouse Retail to The Color Room, a boutique salon based out of New Jersey.
Ken Wellar, managing partner at RRA, who arranged the transaction, noted the continued influx of foreign capital purchasing core deals in Center City. “The buyer in this transaction was from Hong Kong and Walnut Tower is their first acquisition in the Philadelphia MSA,” Wellar says. “They paid a record price per unit for Philadelphia – over $610,000 per unit.”
The firm also sold a newly constructed mixed-use property in Fishtown, at 629 E. Girard Avenue. The property consists of two commercial units and nine apartments with high-end finishes. Rittenhouse Retail leased one of the commercial units to Freedom Mortgage, the nation's 5th largest mortgage provider, prior to sale. The building sold at a price of about $300,000 per unit.
“629 E. Girard offered the buyer an excellent opportunity to own a newly constructed mixed-use property in Fishtown, one of Philadelphia's most highly sought-after neighborhoods,” says Corey Lonberger, managing partner at RRA.
The Rittenhouse Retail team, led by CEO Larry Steinberg, and associates Don Avellino, Evan Steinberg and Bar Woidislavsky, successfully leased the retail spaces of Walnut Towers and 629 E. Girard, enabling these sellers to achieve maximum value for their properties.
“This retail leasing capability is an important asset to any potential seller of commercial property, and provides RRA clients with a clear advantage in the marketplace,” says Steinberg.
The firm also closed the sale of Wynnefield Court, eight newly-constructed twin-style student townhomes that consist of 34 bedrooms/42 beds located at 5400 Wynnefield Avenue close to St. Joseph's University. The property traded at about $500,000 per townhome, “a price reflective of its location two blocks from SJU as well as its 100% occupancy since construction,” according to Mark Duszak, director at RRA.
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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].
