Rittenhouse Realty Advisors celebrates 2 Year Anniversary with 230% revenue growth
PHILADELPHIA, PA — Rittenhouse Realty Advisors, a commercial real estate brokerage based in Center City, Philadelphia that focuses on multi-family assets, celebrates its second year in business this month. Founded by veteran commercial brokers Ken Wellar, Corey Lonberger and Mark Duszak in early 2013, the company has closed 65 transactions to date totaling approximately $200 million in consideration. RRA achieved close to a 230% revenue growth in 2014 over their opening year. The team includes ten agents covering the entire northeast region. "Our growth over the last two years has been extraordinary. We have a talented team of people that we enjoy working with every day and we are excited for continued growth in the future,” said Corey Lonberger, managing partner of RRA.
Since opening, the RRA team expanded their presence in the student housing arena, achieving notable success, selling 860 designated student housing beds totaling just over $45 million. RRA also found success in new markets, particularly in Delaware, where they have sold close to 800 units totaling just under $34 million. managing partner Ken Wellar said, “We have a firm footing in our current markets. This year we will focus on maintaining that footing and also bringing the success of our core platform to new markets.”
Rittenhouse Capital Advisors, which the principals of RRA opened in early 2014 with George Johnson, a 30 year veteran of the commercial real estate financing industry, welcomed Joe Hanuscin, who most recently ran the construction lending department at Republic Bank, to the team. RCA enjoyed a highly successful first year in business, placing funding on a wide variety of asset types, from multifamily to commercial to hospitality, throughout the region. The company has plans in place to build out their team in the coming year to support a high production level. George Johnson, president and CEO of RCA, stated:
“Our ability to execute for our clients has gained us significant traction in the overall market over the course of our first year in business. We look forward to continued growth in the coming year and beyond.”
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.