by Kevin Dicciani
Hill House Apartments, a 188-unit apartment complex at 201 W. Evergreen Ave., is currently up for sale.
The sale is being facilitated by Rittenhouse Realty Advisors, a Philadelphia-based real estate advisory firm that focuses on the brokerage of multi-family communities throughout the Tri-State region. On its website, the 11-story, 1.46 acre property, built in 1966 and still under the same ownership, is listed for sale at an asking price of $45 million dollars.
Under “Investment Overview” on RRA’s website, the firm states that Hill House was renovated in the 1980s and approximately 54 percent of the units have been refurbished over the past few years, with more units scheduled for renovation by July 2015. Additionally, over the past three years, the property has undergone about $1.7 million dollars in capital expenditures.
Elsewhere on the site it says that, due to the success the renovated apartments displayed on the marketplace, there is an opportunity to renovate more units to the same degree, thereby allowing “a new owner to increase rents approximately $150 to $300 per month.”
Hill House Apartments and Rittenhouse Realty Advisors could not be reached for comment.