Rittenhouse Realty Advisors Sells 31 Loft Style Apartments in Norristown, PA for $2.1 Million - Land.Net News
PHILADELPHIA, PA--(Marketwired - September 08, 2015) - Rittenhouse Realty Advisors is pleased to announce the sale of the Lofts at 620 Corson Street in Norristown, Pennsylvania for $2,100,000 ($67,741 per unit). This adaptive reuse building had housed several different businesses over the years until 2005 when the current owners renovated the property into 31 loft style apartments.
Norristown, the county seat of Montgomery County, is well situated between the employment centers of King of Prussia and Plymouth Meeting. This property enjoys easy access to major highways and is just one block from a SEPTA Regional Rail stop that takes commuters to downtown Philadelphia. "We've recently seen a lot of activity in the apartment market in Norristown and throughout the Philadelphia MSA," noted Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. "We are seeing numerous investors from the New York and the Northern New Jersey markets looking to invest here to achieve higher yields."
The property features an excellent unit mix with 65% of the units having 2, 3 or 4 bedrooms. Other building features include: high ceilings, exposed brick and duct work, renovated kitchens and baths, and elevator service.
Corey Lonberger, Managing Partner of RRA, stated, "Through RRA's unique marketing process we were able to generate 40 tours and over a dozen offers for the seller." Mark Duszak, Director of RRA, added: "This is our third successful transaction in Norristown where the property was previously unsuccessfully marketed by other brokerage firms."