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PHILADELPHIA, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of 528-540 North 34th Street in University City, Philadelphia. The student apartments were sold at list price to an out-of-state buyer.
The property was appealing due to its convenient location within walking distance of Drexel University as well as a value-add opportunity to create bed-bath parity. The property also offers tenants gated off-street parking and easy access to SEPTA and Amtrak transit lines.
Luke DeLuca, a Senior Associate at RRA, represented the buyer, who is out of NYC and is new to the University City market.
Ken Wellar, Managing Partner of RRA, stated: “We continue to see University City as one of the strongest markets in Philadelphia. We had multiple bids on the property at our list price.”
Chris Egan, Senior Associate at RRA, added: "Student housing is hot and there is no shortage of buyers who want to have well-positioned assets close to major universities. Being that this property is only a few steps from Drexel University’s campus, I'm not surprised we had as many tours as we did and multiple offers at the full asking price."
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
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.
Press Contact: Corey Lonberger and Ken Wellar
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b0f46b32-9db8-4ceb-887b-cf47eba3691b