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Keystone Lofts in NE Philly Trades for Almost $8M

“We are seeing more foreign capital purchase assets in the Philadelphia region, which is driving up pricing," says Ken Wellar, managing partner of RRA.

Key Lofts, 7165 Key St., Philadelphia, PA Key Lofts, 7165 Key St., Philadelphia, PA

PHILADELPHIA, PA—Rittenhouse Realty Advisors brokered the sale of the Keystone Lofts in the Tacony/Lower Mayfair neighborhood in Northeast Philadelphia. The property, which is located just a 20-minute drive from Center City Philadelphia, sold to an international buyer at more than $140,000 per unit, a record price for Northeast Philadelphia.

“We are seeing more foreign capital purchase assets in the Philadelphia region, which is driving up pricing,” says Ken Wellar, managing partner of RRA. “We successfully closed this transaction at a record price per unit for the neighborhood on behalf of the sellers, Liss Property Group, who are one of the largest owners in the Northeast with over 1,500 units.”

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Steve Lubetkin

Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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