Rittenhouse Realty Offering Multifamily Portfolio in Northern Liberties
The assets do not align with the seller’s core plan for the area, so it is effectively the first time they are available to be acquired by someone who can focus on maximizing each individual asset.
PHILADELPHIA, PA—A major multifamily portfolio in one of Philadelphia’s most trendy and sought-after sub-markets—Northern Liberties—is being offered for sale by Rittenhouse Realty Advisors.
The highly desirable location on Philadelphia’s I-95 corridor shares its borders with the well-established, high-end neighborhoods of Fishtown and Old City, along with the rapidly redeveloping neighborhoods of Old Kensington and Spring Arts.
Rittenhouse Realty Advisors’ director Mark Duszak and managing partners Ken Wellar and Corey Lonberger are spearheading the marketing initiative on this offering which includes:
- Liberties Walk Apartments & Townhomes, constructed in 2004 and 2010 respectively with 70 apartments, 18 townhomes and 31,501 square feet of retail;
- Boone Lofts, a historic 1920s-era former school building with 45 loft-style apartments; and
- Del Campo Apartments, a redeveloped 1920s red brick industrial building with 33 apartments and 10,768 square feet of retail space.
Each property presents excellent value-add opportunities. In-place rents are significantly below market and rent growth could be further bolstered by completing a cosmetic renovation program. Liberties Walk and 16 of the adjacent townhouses are zoned CMX-3, which offers another significant value-add opportunity through the potential to redevelop the sites to create approximately 600 additional apartments.
The assets do not align with the seller’s core plan for the area, so it is effectively the first time they are available to be acquired by someone who can focus on maximizing each individual asset.
All the properties are directly across the street from the Piazza, which is the epicenter of the Northern Liberties neighborhood. The Piazza is a popular residential neighborhood for young professionals.
What started as an enclave for artists and design professionals is now a thriving area in Philadelphia, featuring million-dollar townhouses and one of the most popular night scenes in the city with hip bars, restaurants and boutique shopping.
The properties are within easy walking distance to SEPTA’s Girard Station, which is just a ten-minute subway ride from City Hall/ Center City. They are also within walking distance to a major supermarket, along with other neighborhood amenities and services in this densely populated area.