PHILADELPHIA, PA — Rittenhouse Realty Advisors announced three recent transactions in the Philadelphia MSA. Walnut Tower, a 10-unit building located at 201 S. 22nd St. in the Rittenhouse Square neighborhood traded for $6.105 million. The property contains nine luxury apartments with high-end finishes and 1 commercial unit, which was leased prior to sale by Rittenhouse Retail to The Color Room, a boutique salon based out of New Jersey.
Ken Wellar, managing partner at RRA, who arranged the transaction, noted the continued influx of foreign capital purchasing core deals in Center City. Wellar said: “The buyer in this transaction was from Hong Kong and Walnut Tower is their first acquisition in the Philadelphia MSA. They paid a record price per unit for Philadelphia – over $610,000 per unit.”