PHILADELPHIA, PA--(Marketwired - Jul 15, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of the Lawndale Apartments, a 28 unit apartment community located in the Lawndale neighborhood of Greater Northeast Philadelphia, Pennsylvania. Built in 1925, 1955 and 1960, the property is walking distance to the commercial district along Rising Sun Avenue and enjoys close proximity to the largest employer in the area, The Naval Support Station. It is also within walking distance to the jogging and biking trails of Tookany Creek Park.
The community is located in an appealing residential area, made up of row homes, twins and large estate homes. This mix of housing has kept the area as one of the more desirable places to live in Northeast Philadelphia. "The rental market is strong in the Northeast and this particular property has historically enjoyed high occupancy," noted Doug Emrich, an Associate with Rittenhouse Realty Advisors.
The Lawndale Apartments consists of two apartment buildings directly across the street from one another, along with an adjacent lot that could be used for onsite parking. The unit mix is comprised of twenty-four one-bedroom units and four two-bedroom units. "This property has great upside potential," remarked Ken Wellar, Managing Partner. "The new owner has plans to complete cosmetic updates to the units which should enable them to command much higher rents."
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. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
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Corey Lonberger and Ken Wellar