RRA/GREA sells 73 units plus 15,000 s/f of commercial space in Philadelphia for $22.8M
Philadelphia, PA — Rittenhouse Realty Advisors, a member of GREA announced the sale of Spring Lofts in Philadelphia. The buildings, located at 1217-35 Spring Garden St. and 1222-30 Ridge Ave., consist of 73 apartment units, 43 parking spaces and 15,016 s/f of commercial space.
Spring Lofts is located in the Spring Arts/Callowhill/Loft District Section of Philadelphia – home to breweries, restaurants, live music venues and universities. The area has seen a surge in redevelopment and new construction in recent years, along with the development of Philadelphia’s Rail Park, modeled after NYC’s High-Line park.
A strong family office new to the Philadelphia market purchased the property. Ken Wellar, managing partner at RRA/GREA, stated: “Spring Lofts sits in a rapidly redeveloping area off of 12th and Spring Garden St. The buyer was able to see the upside in rent growth potential.”
“The sellers did a great job in renovating the residential units with high-end finishes and attracting quality businesses to the commercial units. They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time,” added Corey Lonberger, managing partner at RRA/GREA.