Rittenhouse Realty Advisors Sells 145 Units in Overbrook Section of Philadlephia for $8,100,000

PHILADELPHIA, Dec. 07, 2017 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors is pleased to announce the sale of the Scenic Apartments, located at 303 North 65 Street and Liberty Towers, located at 1101 North 63 Street in the Haddington/Overbrook section of Philadelphia.  The properties, which are located approximately a mile apart, were purchased as a portfolio and contain a total of 140 apartments and 5 commercial units. 

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8db2dc5b-3b74-4b45-9d83-0104d56d0de6

The buyer was an entity out of New York.  “The new owner plans to add value to the properties by renovating the kitchens and bathrooms.  They believe in the overall long-term growth of the Overbrook market,” stated Ken Wellar, Managing Partner at RRA. 

Both properties are convenient to public transportation to Center City, Philadelphia, as well as major arterial roads such as Route 1, and I-476.   They are also within walking distance to many neighborhood amenities and parks, and are convenient to several shopping corridors.  “Overbrook is a highly sought after neighborhood in Philadelphia. With access to City Line Avenue and Center City, Philadelphia, it is a market that has always had high occupancy and is primed for growth,” noted Corey Lonberger, Managing Partner. 

“RRA’s strategic marketing campaign was able to produce multiple offers which ultimately resulted in an out of the area buyer who successfully closed on this sale,” added Mark Duszak, Director at RRA. 

For more information on current rates or to view our available listings visit  www.RittenhouseRealty.com.

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.

Press Contact: Corey Lonberger and Ken Wellar
Managing Partners

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