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CST: 24/05/2019 19:49:15   

Rittenhouse Realty Advisors Sells 140 Apartments Outside of Wilmington, DE for $10,300,000

18 Days ago

PHILADELPHIA, May 06, 2019 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of Parklynn Apartments, located at 5 Ruth Road in Elsmere, Delaware, just a few minutes from the City of Wilmington. The apartments feature hardwood flooring, oversized closets, updated kitchens and baths, off-street parking and on-site laundry facilities. 

The garden-style property sits on over four acres off of Kirkwood Highway, making it convenient to Prices Corner Shopping Center along with numerous national retailers. Major area employers include Wilmington VA Medical Center, Christiana Care Health Center and the University of Delaware - Wilmington Campus.

Ken Wellar, Managing Partner at RRA, stated: “We have noticed an increase of northern New Jersey and New York City based investors acquiring properties in the Delaware market. This was the buyer’s first acquisition in Delaware.” 

Mark Duszak, Director at RRA, added: “Investor demand is extreme along the I-95 corridor from Delaware to Northern New Jersey, in large part due to Philadelphia’s continued growth. This transaction reflects the strong demand for multi-family assets with upside through unit renovations.”

For more information on current rates or to view our available listings visit

www.RittenhouseRealty.com.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4254e17e-9960-4e6b-a7f3-70e67b00787e

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. Domenick A Peronti (DE Broker of Record) License# RB0020193

www.RittenhouseRealty.com

Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852

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