Oakwood Manor Apartments, 1017 West Bridge Street near downtown Phoenixville has been sold. Rittenhouse Realty Advisors (RRA), a Philadelphia commercial real estate sales brokerage firm, oversaw the transaction.
The complex comprises 95 one- and two-bedroom apartments.
Robert DiPasquale, RRA senior associated who worked on the transaction, stated: “Pricing is at an all-time high with interest rates holding at historical lows, which enabled us to capitalize on post-stabilization underwriting for our client. We were happy to be able to facilitate a fruitful transaction for both parties and close the sale at a sub-four-percent cap rate on trailing numbers.
“Through RRA’s unique marketing process, we were able to expose the opportunity to a wider base of potential buyers than our competitors.”
The building’s proximity to Phoenixville is considered a significant advantage to renters.
Phoenixville is a former mill town whose long-term revitalization plan has brought it back into prominence. The business district has multiple shopping opportunities, a retro movie theater, an active events calendar and, according to Forbes, the most breweries per square foot in America.
The Oakwood Manor Apartments buyer, from the New Jersey/New York City area, plans extensive renovations that will yield increased rental income.
