PHILADELPHIA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of Oakwood Manor Apartments, located at 1017 West Bridge Street close to downtown Phoenixville, PA. Half of the 95 units in the building are one-bedroom apartments and the other half are two bedroom units.
Robert DiPasquale, a Senior Associate at RRA who worked on the transaction, stated: “Pricing is at an all-time high with interest rates holding at historical lows, which enabled us to capitalize on post stabilization underwriting for our client. We were happy to be able to facilitate a fruitful transaction for both parties and close the sale at a sub 4% cap rate on trailing numbers.”
“Through RRA's unique marketing process, we were able to expose the opportunity to a wider base of potential buyers than our competitors. This buyer came from the NJ/NYC market and is planning an extensive renovation project at the property to increase rents significantly,” added Corey Lonberger, Managing Partner 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 https://www.globenewswire.com/NewsRoom/AttachmentNg/0f57f066-4846-4e9e-9463-bbdf6c38c8bb
