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Rittenhouse Realty Advisors Sells West Philly Development Site Approved for 153 Apartments

PHILADELPHIA, Nov 30, 2017 (GLOBE NEWSWIRE via COMTEX) --

Rittenhouse Realty Advisors is pleased to announce the sale of 780 S. 52 Street, a development site located in the Cedar Park/ University City neighborhood of Philadelphia. The property includes a 115,835+/- square foot building (a former storage facility) on a 1.21 acre parcel.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7d85d387-75bb-4f15-83c6-0091d164b4b1

The property is well located for tenant access to world class schools and medical facilities, including UPenn and Drexel University, as well as Penn Medicine and CHOP. It is also just a block from Baltimore Avenue, which is lined with bars, restaurants, and coffee shops, and has a trolley route to Center City.

Ken Wellar, Managing Partner of RRA, stated: "Apple Lofts sat vacant for over ten years, so it is very exciting to see the building finally getting developed. Adding 153 units will have a great impact on the density of this area."

Mark Duszak, Director of RRA, added: "The transformation of this building represents the strength of University City's expansion into surrounding neighborhoods."

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.

www.RittenhouseRealty.com

Press Contact: Corey Lonberger and Ken Wellar

Managing Partners

215-454-2852

https://resource.globenewswire.com/Resource/Download/7ee27bb0-edf8-4096-acc3-1db554d6963d?size=1

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