PHILADELPHIA, June 2, 2022 /PRNewswire/ -- On behalf of The Buyer and The Seller, Agent PHL / Compass Commercial has formally announced the sale and settlement of Kensington Courts Flats in Philadelphia, Pennsylvania. The off-market sale was brokered by Ryan McManus, Principal of Agent PHL / Compass Commercial, in a dual-agent transaction.
McManus said, "Kensington Courts is like a micro-city nestled high above the most popular residential submarket in Philly today – Fishtown/Kensington. The Riverwards Group masterfully transformed a 185,000 SF vacant parcel into a diverse new community of townhomes, apartments and retail– carefully balanced with ample parking and green space for its residents – homeowners and renters alike." He said, "Our Client, The Buyer, recognized this unique opportunity to acquire a best-in-class, brand new, stabilized rental community at an attractive basis, located in a growing, yet coveted area which suggests higher-than-average rent growth and asset appreciation for years to come, based on market KPI's and vital investment metrics."
The new construction apartment community built and sold by The Riverwards Group is located in the surging Fishtown/Kensington submarket, where investment demand is accelerating with activity from regional investors chasing yield and quality not found in other pricier East Coast metros like New York, Boston and Washington, D.C.
"Kensington Courts is a model example of a neighborhood-changing development – one that is diverse, spacious and that offers urban city living at prices that are very competitive," said Mo Rushdy, Principal of Riverwards Group. "This development will always be so close to our hearts," he said.
The +/-90,000 SF Property features a straightforward blend of spacious 2-bedroom/2-bathroom apartments atop four (4) commercial spaces throughout five (5) buildings, with modern amenities like a dog run, surface parking, club room and lounge, fitness studio and panoramic rooftop terraces with unparalleled views of the Philly skyline and bridges into New Jersey over the Delaware River.
Said Larry McKnight, Principal of Riverwards Group, "I grew up in Fishtown and saw the decline that areas like Kensington went through; I'm happy that with Kensington Courts, Riverwards Group was a major player in the rise and comeback of this neighborhood."
Please direct future sales enquiries to Ryan@AgentPHL.com or visit our website at www.AgentPHL.com.