PHILADELPHIA, PA--(Marketwired - Nov 20, 2013) - Rittenhouse Realty Advisors is pleased to announce the sale of Whitehall Commons, a 78-unit apartment complex located in Whitehall, Lehigh County, PA. The property, built in 1971, sits on close to 4 acres and features a mix of one, two and three bedroom units. The complex is located at the intersection of MacArthur Road and Lehigh Valley Thruway, enabling residents to enjoy convenient access to the shops and restaurants at Lehigh Valley Mall less than a mile away.
Whitehall, a suburb of Allentown, has a stable rental market, but this particular property was more than 10 percent below market in rents. "We have been tracking this deal, as well as the buyer, for over two years," stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. "When it became available via auction, we had buyers lined up." The property was in a state of distress at the time of the sale and the new buyer plans major renovations to increase the rent roll. "With below market rents and a high vacancy rate, the new buyer has an excellent opportunity to increase the value in a relatively short amount of time," noted Corey Lonberger, Managing Partner of Rittenhouse Realty Advisors.
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.