Rittenhouse Realty Advisors Sells 131-Units at Willowbrook Condominiums in Boothwyn, Delaware County, PA
December 3, 2013 - Philadelphia, PA
Rittenhouse Realty Advisors is pleased to announce the sale of 131 units at the Willowbrook Condominiums in Boothwyn, PA. Willowbrook is a two-and-one-half-story, garden style community with a brick exterior. It was built in 1971 as an apartment complex and was converted into condominiums in the late 1980's. The units sold are part of 374 total units that make up the community and include 59 one-bedroom units and 62 two-bedroom units, the majority of which are located in 5 neighboring buildings on the property.
"Willowbrook has some unique features that its competitors do not offer, such as a swimming pool. Plus, all one bedrooms units have dens, and all two bedrooms units have two full bathrooms," noted Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. Numerous capital improvements were recently made at Willowbrook. All units have central air conditioning and other community amenities include ample off-street parking and laundry facilities. "The new buyers have a very hands on approach to management which should decrease expenses and increase the rental income at the property in a relatively short amount of time," stated Corey Lonberger, Managing Partner at Rittenhouse Realty Advisors.
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. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
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Corey Lonberger and Ken Wellar