Rittenhouse Realty Advisors Sells 32 New Construction Units in Trappe, PA at North of $185,000 per Unit
PHILADELPHIA, PA--(Marketwired - Dec 3, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of the Springhouse Apartments in Trappe, PA in Montgomery County. The new construction property was completed in 2014 and consists of four separate buildings comprised of large two bedroom, two bathroom units. "It is very rare that new construction projects become available for sale in the private capital arena in the Philadelphia MSA. When they do, the interest level is through the roof. With this particular property we had numerous offers and back up buyers within a week of starting showings," stated Corey Lonberger, Managing Partner at RRA.
The exceptionally large units, which average 1,250 square feet, have open kitchens with breakfast bar, gas cooking, stainless steel appliances and a full size washer and dryer. Other amenities include central air and outdoor space for each unit. 12 units have upgraded amenities including granite countertops and hardwood floors and command superior rents. Located in Trappe, PA, the property has convenient access to Route 422 towards King of Prussia, a major suburban Philadelphia employment center. "Springhouse Apartments presented an excellent opportunity for the new owner to capitalize on the growing economic environment in the Philadelphia Suburbs and specifically the 422 Corridor," noted Steve Miceli, an RRA Associate.
Ken Wellar, Managing Partner of RRA summarized the deal: "This was a great opportunity for both the buyer and seller. The seller is a local developer who was focused on a larger project and the buyer is a long term holder from the Main Line who saw this as an excellent opportunity to own a new construction project in highly sought after Montgomery County."
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.
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