Rittenhouse Realty Advisors announced the sale of Las Casas Apartments, located at 7 Colony Boulevard in the Edgemoor area for $10.3 million
The property includes two mid-rise buildings featuring a total of 120 apartments with a mix of studio, one-bedroom, and two-bedroom units.
The identity of the buyer and seller were not disclosed.
“RRA has sold three apartment buildings totaling 515 units for this particular client,” stated Ken Wellar, Managing Partner at RRA, “All three complexes were major value-add opportunities.”
Corey Lonberger, Managing Partner, added: “The property was purchased by a group out of the New York/ Northern New Jersey market. We have seen buyers from these markets be extremely aggressive in the Philadelphia and Wilmington markets over the last few years.”
“Las Casas offered investors a perfect value-add opportunity with its large units and outstanding unit mix with 50 percent two-bedroom apartments, coupled with the fact that it is located only 10 minutes from downtown Wilmington,” said Mark Duszak, Director at RRA.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an focus in the brokerage of multi-family communities throughout the northeast region of the United States.
