Rittenhouse Realty Advisors Sells The Annex Apartments in Brewerytown Section of Philadelphia for $9,200,000

PHILADELPHIA, Aug. 23, 2017 -- Rittenhouse Realty Advisors is pleased to announce the sale of The Annex, a new modular construction development of twelve triplexes, totaling 36 apartment units.  The property is located in the growing Brewerytown neighborhood of Philadelphia, at 3019-3041 Master Street.  The apartments consist of two and three-bedroom units, each with two bathrooms, along with private parking as well as a shared roof deck with swimming pool and dog park.  The property was developed by Dana Spain and Sean McGovern of McSpain Development.

The Annex at Brewerytown

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/61fcdc59-c99b-427c-8982-a9f98ce53a66

Ken Wellar, Managing Partner at RRA, stated: "To achieve over $255,000 a unit in Brewerytown is a sign that the neighborhood is a strong market to invest in, with room for more development.  These types of sales are showing the growth of Philadelphia beyond Center City.”

The purchaser for The Annex was a group out of Houston, Texas.  "The sale of The Annex is another example of how RRA's unique marketing process is finding buyers in other markets to come to Philadelphia to buy multi-family properties,” added Corey Lonberger, Managing Partner.    

Recent economic reports show notable job growth in Philadelphia, with growth surpassing that of even New York City in the last year.  “Philadelphia is experiencing the longest period of expansion in job growth since the mid-1980’s. This is the primary reason why neighborhoods outside of Center City are growing, and Brewerytown is a perfect example of this,” stated Mark Duszak, Director of RRA.

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.
www.RittenhouseRealty.com

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