NGKF Capital Markets & ARA Newmark complete $51.1 million sale
Philadelphia, PA — The NGKF Capital Markets team comprising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office completed the sale of AQ Rittenhouse, along with the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA, a Newmark Company (ARA). The newly constructed, LEED Silver certified, 110-unit high-rise apartment residence, located in Rittenhouse Square, was sold to LaSalle Investment Management for $51.1 million. The sale of AQ Rittenhouse was the first transaction of its kind for ARA Newmark in Philadelphia since the company was acquired by BGC Partners, Inc. in December 2014.
Schultz was instrumental in introducing the NGKF Capital Markets and ARA Newmark team to the seller, as well as acting as the co-lead advisor on this transaction. The strength of Newmark Grubb Knight Frank’s platform, area expertise and ease of collaboration between the offices allowed the NGKF Capital Markets and ARA Newmark teams to come together and complete this noteworthy transaction, while continuing to build its multihousing platform in the greater Philadelphia region.
The sellers, a joint venture between Aquinas Realty Partners and MB1 Capital Partners are extremely pleased with the results of the sale and the execution that was put forth by the ARA Newmark and NGKF team to close the deal”, said Leonard Poncia, of Aquinas and Joel Brudner of MB1.
“AQ Rittenhouse recently began lease-up at a rapid pace and we expect the momentum to continue,” said Segal. Built to the highest standards and outfitted with the finest finishes and amenities, AQ Rittenhouse is among the few apartment buildings in Philadelphia to be designed with an active, urban lifestyle in mind. The building is equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia, like a rooftop sky terrace that boasts year-round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall.
Located at 2021 Chestnut St. in Philadelphia, AQ Rittenhouse offers a prime Rittenhouse Square location and unparalleled access to the finest amenities Philadelphia has to offer, including high-end and diverse retailers, fine dining and a nightlife. AQ Rittenhouse is one block from Market St., the heart of Philadelphia’s economy and home to 25.2 million s/f of office space. AQ Rittenhouse is a place where you can live, work and play, which is rare to find.
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