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. 22^nd 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 5^th largest mortgage provider, prior to sale. The building sold at a price of about $300,000 per unit.