The Riverwards Group has sold Kensington Courts Flats, a 75-unit apartment complex in the Kensington neighborhood of Philadelphia, for $21.34 million, or $284,000 a unit.
The buyer is Ecorise Development of New York.
Kensington Courts Flats at 2035 E. Lehigh Ave. is part of a larger residential community Riverwards undertook in the Philadelphia neighborhood. At the corner of Frankford Avenue and Lehigh, the real estate company built 86 for-sale single-family and duplex houses and paired that with the adjacent apartment complex.
Average rents at Kensington Courts Flats stand at $1,830, or $2 a square foot. The property was about 80% leased at the time of sale. Ryan McManus of Compass Commercial arranged the transaction.