Rittenhouse Realty Advisors Sells Class A Apartment Building, The HUB at 31 Brewerytown, Totaling 201 Units, for $51 Million

Wednesday, 17. November 2021 15:42

PHILADELPHIA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of The HUB at 31 Brewerytown, a recently constructed luxury apartment building containing 201 apartments with on-site parking located at 1406-1446 N 31st Street in Philadelphia. Ken Wellar, Corey Lonberger, and Mark Duszak arranged the sale on behalf of the seller, a longtime Philadelphia area real estate developer. The buyer, Israel Terkeltaub of Manor Holdings, is a well-established owner/operator out of northern New Jersey.

The property was built in 2018 using modular construction. The HUB offers tenants over 20,000 SF of indoor and outdoor amenity space that includes a pool, gym, outdoor kitchen, fire pit lounges, indoor lounge spaces and life-style centered amenities as well as 8,000 SF of workshare space. The pet friendly property also offers a dog park and dog washing station. Units feature luxury kitchen and bath finishes, in-unit laundry, and stainless steel appliances.

Ken Wellar, Managing Partner at RRA, stated: “Modular construction is becoming a more popular and favorable method of construction in large-scale multi-family development. This is the eighth modular property our firm has sold in the last few years. We are continuing to see family offices come into the Philadelphia region to acquire larger Class-A buildings for their portfolios.”

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.

Press Contact: Corey Lonberger and Ken Wellar
Managing Partners

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18eb12d5-8618-4100-b968-e413eadf963e

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