Rittenhouse Realty Advisors Sells 25 Units in Spruce Hill Neighborhood of Philadelphia for $4,150,000

PHILADELPHIA, Feb. 12, 2018 -- Rittenhouse Realty Advisors is pleased to announce the sale of 4317 Spruce Street, in the Spruce Hill neighborhood of Philadelphia.   The property consists of 25 apartments featuring hardwood floors, gas cooking, and shared laundry access in the basement. It is within walking distance to the University of Pennsylvania, Drexel University, and the University of the Sciences and also is convenient to 30^th Street Station for access to SEPTA and Amtrak. 

4317 Spruce Street Philadelphia, PA

Ken Wellar, Managing Partner at RRA, stated: "University City continues to be one of the strongest markets in Philadelphia and Spruce Hill, specifically, continues to see strong rent growth year after year.” 

Spruce Hill, located in West Philadelphia, is known for its tree-lined streets, well-preserved Victorian architecture and its eclectic restaurants and cafes along Baltimore Avenue.  Corey Lonberger, Managing Partner at RRA, noted: "4317 Spruce was an excellent value-add opportunity in one of Philadelphia's most highly sought after neighborhoods." 

Mark Duszak, Director at RRA, added: “Although both local and out of state investors had strong interest in this University City location, ultimately it was purchased by a local owner/operator.”

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

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/00a7ad6c-cafb-4f9e-9fc2-cb12bd5dfe54