Germantown Apartments, Arborwood Townhomes Sell for $8,080,000

arborwoodArborwood Townhomes (Submitted Image)

PHILADELPHIA, PA — Rittenhouse Realty Advisors recently disclosed the sale of 66 apartments in the Germantown section of Philadelphia.

The property consists of 33 duplexes, each with two 1-bedroom apartments with garage parking for each unit. Tenants enjoy great access to vibrant retail districts and outdoor activities as well as close proximity to a SEPTA Regional Rail to Center City, Philadelphia. The property was marketed as a value-add opportunity in a growing market.

Ken Wellar, managing partner at RRA, stated, “We are seeing more out-of-state buyers paying aggressive cap rates based on pro-forma assumptions. Arborwood has great rent growth potential given the seller owned the properties for over 30 years.”

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