March 23, 2017
Rittenhouse Realty Advisors negotiated the sale of two multifamily properties in separate transactions, totaling 130 units. The assets, located in Chester County, PA, sold for a total of $12.7 million by undisclosed buyers.
The 92-unit Breckenridge Plaza at 495 Nutt Rd. in Phoenixville, PA sold to Friedman Realty Group of Gibbsboro, NJ. The 57%-occupied complex delivered in 1971, and provided a value-add opportunity to the buyer. “Rarely do true value-add opportunities become available in Chester County, said RRA’s Corey Lonberger. “When they do, the interest level is very high.”
The 38-unit Janwood Apartments, at 499 W. Lancaster Ave. in Downington, PA, sold to an undisclosed buyer. The asset was 100% at closing, and sold for 98% of the list price.
For comments, questions or concerns, please contact Amy Sorter