PHILADELPHIA, Sept. 20, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is happy to announce the sale of a mixed-use portfolio of properties within the Washington Square West and Rittenhouse Square neighborhoods of Philadelphia. The portfolio included 902 Spruce Street, 716 South 2nd Street, 715 South Street 750-52 Martin Street, and 2027 Pine Street, all prime downtown properties inside strolling distance to buses, subways, and regional rail in addition to inside shut proximity to main highways. The neighborhoods are recognized for his or her cafes, world-class eating places and retailers. Washington Square West can also be the house of Thomas Jefferson University Hospital and Pennsylvania Hospital, each main employers within the City of Philadelphia.
The portfolio contains a unit combine of one, two, and three bed room residences in addition to business models. It was marketed as a value-add alternative, emphasizing the flexibility to extend rents with upgrades to unit finishes and customary areas.
Rising rates of interest created a problem in closing this transaction. Ken Wellar, managing accomplice at RRA/GREA, acknowledged: “We were able to get a deal done without retrades in the current debt environment.”
“Our team was able to remain firm on pricing in this challenging market. The scattered nature of the assets added to the complexity of the transaction, however, the quality of the locations proved to be the deciding factor for the capital markets,” added Alan Krawitz, senior affiliate at RRA/GREA.
For extra info on present charges or to view our obtainable listings go to www.RittenhouseRealty.com and www.GREA.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a actual property advisory agency with an in depth focus within the brokerage of multi-family communities all through the United States. Formed in February 2013 by a group of advisors with greater than 30 years of business funding gross sales expertise, our focus is on multi-family, mixed-use, and improvement properties with important residential parts. RRA is a member of GREA with brokerage workplaces all through the United States.
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photograph accompanying this announcement is accessible at https://www.globenewswire.com/NewsRoom/AttachmentNg/64d3cf69-7a0c-4a4f-8fbd-1e54c3ba6c15
