PHILADELPHIA, June 2, 2022 /PRNewswire/ -- On behalf of The Buyer and The Seller, Agent PHL / Compass Commercial has formally announced the sale and settlement of Kensington Courts Flats in Philadelphia, Pennsylvania. The off-market sale was brokered by Ryan McManus, Principal of Agent PHL / Compass Commercial, in a dual-agent transaction.
McManus said, "Kensington Courts is like a micro-city nestled high above the most popular residential submarket in Philly today – Fishtown/Kensington. The Riverwards Group masterfully transformed a 185,000 SF vacant parcel into a diverse new community of townhomes, apartments and retail– carefully balanced with ample parking and green space for its residents – homeowners and renters alike." He said, "Our Client, The Buyer, recognized this unique opportunity to acquire a best-in-class, brand new, stabilized rental community at an attractive basis, located in a growing, yet coveted area which suggests higher-than-average rent growth and asset appreciation for years to come, based on market KPI's and vital investment metrics."
The new construction apartment community built and sold by The Riverwards Group is located in the surging Fishtown/Kensington submarket, where investment demand is accelerating with activity from regional investors chasing yield and quality not found in other pricier East Coast metros like New York, Boston and Washington, D.C.
"Kensington Courts is a model example of a neighborhood-changing development – one that is diverse, spacious and that offers urban city living at prices that are very competitive," said Mo Rushdy, Principal of Riverwards Group. "This development will always be so close to our hearts," he said.
The +/-90,000 SF Property features a straightforward blend of spacious 2-bedroom/2-bathroom apartments atop four (4) commercial spaces throughout five (5) buildings, with modern amenities like a dog run, surface parking, club room and lounge, fitness studio and panoramic rooftop terraces with unparalleled views of the Philly skyline and bridges into New Jersey over the Delaware River.
Said Larry McKnight, Principal of Riverwards Group, "I grew up in Fishtown and saw the decline that areas like Kensington went through; I'm happy that with Kensington Courts, Riverwards Group was a major player in the rise and comeback of this neighborhood."
About Agent PHL / Compass Commercial
Agent PHL was founded in 2016 by Ryan McManus as a full-service hybrid real estate sales firm focused primarily on land development, multifamily investment, and residential new construction listings. The firm has enough talent, tools and resources to compete with blue chip national real estate firms yet remains boutique and nimble enough to service the most distinct, exclusive listings with a neighborhood-based approach to sales. Agent PHL has the local expertise, reputation and connections to be considered the go-to sales team in Philadelphia. Backed by the power of Compass Commercial and its national network of top-producing agents and technology, Agent PHL services an interoffice pipeline of referrals and out-of-region enquiries on behalf of brokers, investors and developers.
About Riverwards Group
RWG is a full-service development company driven by an internal team of qualified real estate professionals whose combined breadth of experience integrates all areas of real estate design and development. Open and clear communication as well as proficient execution enable us to successfully deliver our commitment to the highest standard that will exceed our customers' expectations. Our success over the years derives from the commitments we made a decade ago which formed four company's fundamentals that shapes our work processes, execution and delivery. We strive to create sustainable Luxury homes using the highest quality building practices alongside the development of spacious public areas to secure a high standard of living within the vibrant urban surrounding. Transforming challenging development opportunities into vibrant neighborhoods drive our properties' valuation to secures financial benefits to buyers at settlement and beyond. One of the driving forces behind our team is their deep desire to give back to the community. This talented posse has big plans that include developments built specifically for those who serve their communities. We develop an open and personal dialogue with our customers that contributes to our ability to deliver not only top-notch properties but also an exceptional long life for them and their families.
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SOURCE Agent PHL