PHILADELPHIA, June 22, 2022 (GLOBE NEWSWIRE) – Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Spring Lofts in Philadelphia. The buildings, located at 1217-35 Spring Garden Street and 1222-30 Ridge Avenue, consist of 73 apartment units, 43 parking spaces and 15,016 square feet of commercial space.
Spring Lofts is located in the dynamic Spring Arts / Callowhill / Loft District Section of Philadelphia – home to breweries, restaurants, live music venues and universities. The area has seen a surge in redevelopment and new construction in recent years, along with the development of Philadelphia’s Rail Park, modeled after NYC’s High-Line park.
A strong family office new to the Philadelphia market purchased property. Ken Wellar, Managing Partner at RRA / GREA, stated: “Spring Lofts sits in a rapidly redeveloping area off 12th and Spring Garden Street. The buyer was able to see the upside in rent growth potential. ”
“The sellers did a great job in renovating the residential units with high-end finishes and attracting quality businesses to the commercial units. They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time, ”added Corey Lonberger, Managing Partner at RRA / GREA.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d73be2a-3c1f-475d-817f-65dcbc9f4a23
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com and www.GREA.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus on the brokerage of multi-family communities throughout 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, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
Press Contact: Corey Lonberger and Ken Wellar