Rittenhouse Realty Closes Two Deals in Allentown
The real estate advisory firm states the portfolio was 100% occupied at the time of the sale and traded for a total value of $2.755 million.
ALLENTOWN, PA—Philadelphia-based Rittenhouse Realty Advisors reports it has sold a total of 30 residential and commercial units here at two properties.
The real estate advisory firm states the portfolio was 100% occupied at the time of the sale and traded for a total value of $2.755 million. The transactions involved the sale of the Julian Court Apartments, a 20-unit building located at 1521-1525 W. Union St. and a mixed-use property comprised of eight apartments and two commercial units located at 142-144 N 7th St.
Luke DeLuca, a senior associate at RRA who worked on the sale, says, “The properties were sold as a portfolio to an out-of-state investor that is very high on the Allentown market. The portfolio was a great value-add opportunity for the new buyer who plans to renovate kitchens and baths and increase rents.”
Ken Wellar, managing partner at RRA, adds, “We are seeing an increase in buyers from North Jersey and New York City looking to invest in the Lehigh Valley market.”
The properties attracted a great deal of interest due to their excellent locations in the city of Allentown, Rittenberg officials note. 142 N 7th Street is a block from the Hamilton District, which is the central hub of Allentown’s revitalization efforts. Julian Court is a vintage building with large units, open floor plans located in a quiet, residential neighborhood in Allentown.