PHILADELPHIA, PA — Rittenhouse Realty Advisors (RRA) announced the sale of 4317 Spruce St., in the Spruce Hill neighborhood of Philadelphia. The property consists of 25 apartments featuring
hardwood floors, gas cooking, and shared laundry access in the basement. It is within walking distance to the University of Pennsylvania, Drexel University, and the University of the Sciences and also is convenient to 30th St. Station for access to SEPTA and Amtrak.
Ken Wellar, managing partner at RRA, said: "University City continues to be one of the strongest markets in Philadelphia and Spruce Hill, specifically, continues to see strong rent growth year after year.”
Spruce Hill, located in West Philadelphia, is known for its tree-lined streets, well-preserved Victorian architecture and its eclectic restaurants and cafes along Baltimore Ave. Corey Lonberger, managing partner at RRA, noted: "4317 Spruce was an excellent value-add opportunity in one of Philadelphia's most highly sought after neighborhoods."
Mark Duszak, director at RRA, added: “Although both local and out of state investors had strong interest in this University City location, ultimately it was purchased by a local owner/operator.”