Rittenhouse Realty Advisors sells 96 units in Prospect Park, Delaware County, PA for $8.725m

January 7, 2016

Prospect Park, PA — Rittenhouse Realty Advisors announced the sale of the Colonial Park West Apartments, a 96 unit garden-style townhome community in Prospect Park, in Delaware County. Every unit has two bedrooms. Located close to I-95 and I-476, the property is just a 15 minute drive to Center City, Philadelphia and a 20 minute drive to Wilmington, Delaware. It also offers close proximity to area employers including The Boeing Company, Harrah’s Casino, Crozer Chester Medical Center, and Taylor Hospital.

Colonial Park West had been owned by the same entity for over 30 years. ”This property was a true value-add opportunity, and was in need of significant renovations at the time of sale,” said Ken Wellar, managing partner of Rittenhouse Realty Advisors.

“The new buyer plans on installing new kitchens, bathrooms and exteriors to enhance the property."The property listing attracted buyers from throughout the northeast corridor. Corey Lonberger, managing partner of Rittenhouse Realty Advisors, said: “The buyer, Friedman Realty Group, is an established local owner/operator, with an excellent reputation as a landlord. Their renovation plan will completely transform not only the property, but the neighborhood as well."As a result of RRA's unique marketing process, over 40 tours were conducted through the property and 18 offers were received. “At the end of the day the property sold at more than 95% of our asking price and closed 32 days after the signing of the Agreement of Sale," said Mark Duszak, director of Rittenhouse Realty Advisors.

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