PHILADELPHIA, PA — Rittenhouse Realty Advisors, a member of GREA, announced the recent sale of Penn’s View, a 51 unit loft-style apartment building in the historic Old City neighborhood of Philadelphia. Located at 303 Vine Street, the property has irreplaceable character including exposed brick, vaulted ceilings, and exposed beams from the original timber frame construction. It is located within walking distance to public transportation and the many shops, restaurants, and cafes Old City is known for, as well as the popular Delaware River Trail, Spruce Street Harbor Park, and the recently opened Cherry Street Pier, an exhibition space with artist’s studios that is open to the public and hosts frequent events and festivals.
The property was marketed by RRA/GREA as a value-add opportunity, with opportunities to complete upgrades to kitchens, baths, and flooring. Adding amenities such as an expansive roof deck, gym, and outdoor garden or courtyard would bring the property in line with other buildings in the neighborhood and allow a new owner to increase rental income.
Alan Krawitz, senior associate at RRA/GREA, who worked on the sale, stated: “We were fortunate to have selected a committed and resilient buyer in the midst of a turbulent interest rate environment. They recognized they could unlock significant value in an asset that has irreplaceable character. What new construction lacks are the details typically found in adaptive reuse properties. Things like 13 foot ceilings, exposed brick, and timber framing. When you enhance those details with upgraded finishes and redesigned common areas you can deliver a product that commands significant rent premiums.”
Ken Wellar, managing partner at RRA/GREA, added: “The sale of Penn’s View is a great example of our firm’s ability to work through times of change and uncertainty in the capital markets.”
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