PHILADELPHIA, PA — Rittenhouse Realty Advisors announced the sale of The Corinthian Apartments in the Francisville neighborhood of Philadelphia. The 19 unit complex features a mixture of studios, one, two and three-bedroom apartments with a shared courtyard area. The property, which was fully occupied at the time of sale, traded for over $131,000 per unit.
Managing partner Ken Wellar said, “There has been remarkable revitalization in the Francisville market, pushing buyers to pay aggressive CAP rates. A 5.7 percent CAP was achieved on trailing numbers.”
This is the third sale RRA has closed in the Francisville neighborhood in Philadelphia. In 2014 the firm sold 17 new construction apartments at 1509-11 W. Girard Ave. and 17 units at 1420-24 W. Girard Ave.
Mark Duszak, director of RRA, noted: “Francisville is Philadelphia’s most promising and invigorated neighborhood due to its strategic location bordering Fairmount, Spring Arts, The Loft District and Temple University. The area has attracted a tremendous amount of investors trying to capitalize on this growth.”
Based in Philadelphia, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the NE region of the United States.