Rittenhouse Realty Advisors Facilitates $47M Sale Of Development Site In Philadelphia's Grays Ferry Ave

The development site located at 650 Fairmount, Grays Ferry Ave, and 225-229 North 13th Street in Philadelphia has been sold for a total price of $47,000,000. The site spans a total of 257,140 square feet and was sold at a price per square foot of $183. The sale includes three separate development sites that were fully approved at the time of the transaction.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $47,000,000
• Address: 650 Fairmount, Grays Ferry Ave, 225-229 North 13th Street, Philadelphia
• Market: Philadelphia

The development site at Grays Ferry will be transformed into 1200 self-storage units. The site located at 225-229 North 13th Street will be developed into 81 new apartments within a qualified opportunity zone. Lastly, the property at 650 Fairmount will undergo development to create 297 new apartment units and 107 townhomes.

During these transactions, Rittenhouse Realty Advisors, represented by Ken Wellar, Corey Lonberger, Mark Duszak, and Alan Krawitz, worked with three separate buyers and sellers. It is estimated that these developments will bring over $150 million worth of new development to the city of Philadelphia.