Rittenhouse Realty Advisors Sells 15 Apartments & 1 Commercial Unit in Fishtown Neighborhood of Philadelphia for $6,320,000

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| Source: Rittenhouse Realty Advisors
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18-20 W. Girard Avenue- Philadelphia, PA

18WGirard

18-20 W. Girard Avenue- Philadelphia, PA

Rittenhouse Realty Advisors

PHILADELPHIA, March 07, 2018 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of 18-20 W. Girard Avenue in the Fishtown neighborhood of Philadelphia. The property is ground-up new construction with a total of 16 units located steps from the Market-Frankford Line.  The building has 15 apartments and one street-level commercial unit with a long-term lease with Sherwin Williams.  The apartments are one and two-bedroom units that feature high ceilings and modern finishes.

Fishtown has always been a stable neighborhood but the renaissance occurring in recent years has increased its attractiveness to young professionals and families. Fishtown is known for some of Philadelphia’s best restaurants, cafes, and music venues in addition to a lively nightlife scene.   18-20 W. Girard Avenue is within walking distance to famed music venue Johnny Brenda’s, and the much-lauded Pizzeria Beddia, and Wm. Mulherin’s Sons, which have both received national attention from the likes of Forbes, The New York Times and Bon Appetit. 

“We were able to identify several A+ assets in our search to satisfy our N.Y. based clients' 1031 requirement,” stated Christopher Egan, Senior Associate at RRA. “Ultimately, the out-of-state buyers were attracted to this property's proximity to public transportation in a neighborhood that's extremely desirable to millennials and young professionals.”

The neighborhood is primarily made up of row-houses and independently owned businesses. This mixed-use property was an opportunity to invest in a vibrant and dynamic neighborhood that is experiencing incredible growth with convenient access to Interstate-95 and Center City, Philadelphia. 

“Fishtown has continued to attract some of the most talented developers in Philadelphia who have focused on catering towards high-end, luxury tenants, which ultimately resulted in one of the highest price-per-unit transactions in this submarket,” noted Seth Douglas, Associate 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
215-454-2852

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bc9c7dd7-508e-46a1-8cb9-6b87684cef58