Offering Memorandum 11 Apartment Units Delaware County 390

Transcription

11 Apartment Units
Delaware County
390 Cheswold Road
Drexel Hill, Pennsylvania
Offering Memorandum
The following disclaimer applies to the attached Offering Memorandum (“Memorandum”) and you are,
therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use of the Offering Memorandum or other information supplied in connection with the Property.
The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only take
place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all conditions
and contingencies contained in the Agreement of Sale have been satisfied prior to settlement.
Neither Rittenhouse Realty Advisors (“RRA”) nor any other third parties have been authorized to give
any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA
does not make any representation as to the completeness or accuracy of the information contained in the Memorandum or the value or performance of the Property either past, present or future. The information contained in
the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates
expressly disclaim any and all liability for any and all representations, either express or implied, arising from any
statements, warranties, representations or information provided in the Memorandum or from the omission of any
such representations, statements, warranties or information from the Memorandum. It is the sole responsibility
of any recipient of the Memorandum to verify the information contained therein and to conduct the proper due
diligence concerning the Property.
Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections
of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and evaluations of the Property deemed necessary by them.
RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest
concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a
written Agreement of Sale has been fully executed, delivered and approved by Seller and Seller’s counsel; and
all contingencies and/or conditions to Seller’s obligation to settle have been satisfied.
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA
215.454.2852 | info@rittenhouserealty.com
2
Table of Contents
Pricing & Financial Analysis
Executive Summary
5
Financial Analysis
7
Rent Roll Summary
8
Financial Overview
10
Property Description
Property Details
12
Site Plan/Aerial
13
Amenities
Property Photographs
14
Market Overview
Competitive Rental Market Survey
18
Location Overview
20
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
3
PRICING & FINANCIAL ANALYSIS
Executive Summary
Financial Analysis
Rent Roll Summary
Financial Overview
Executive Summary
Investment Highlights
 Excellent Location in Highly Sought After Delaware County, Pennsylvania
 Value-Add Opportunity: Potential to Raise Rents 10% to 15% per Month (See Rental Market Survey, Page 18)
 Situated Directly Across the Street From SEPTA 102 Trolley Line
 Close Proximity to Major Roadways: Route 1, Interstate-476 and Interstate-95
 Current Owner Built the Property in 1964
Pricing
Offering Price
$550,000
Number of Units
11
Price per Unit
$50,000
Pro Forma Cap Rate (Less Reserves)
7%
Terms of Sale
Offered free and clear of debt.
All cash at closing.
Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 390
Cheswold Road, an 11 unit property located in Drexel Hill, Pennsylvania in highly sought after Delaware County,
Pennsylvania. Built in 1964, the apartment units are located in a quaint residential area home to many diverse residential dwellings. The property is located directly across the street from the Drexel Manor Station on the SEPTA Route
102 Trolley Line.
390 Cheswold Road consists of nine large one-bedroom units and two efficiency units. Average in-place rent for the
spacious one-bedroom units is $613. This property presents itself as an excellent value-add opportunity for a new
owner with rents 10% to 15% under market. With minor renovations and updates to hallways, kitchens and baths
these increases are easily attainable (please refer to the Competitive Rental Market Survey on page 18).
390 Cheswold Road is well served by its proximity to the employment centers, shopping and abundant amenities of
Center City and suburban Philadelphia. It is only a 25 minute drive to Center City Philadelphia, 10 minute drive to
Philadelphia International Airport, and 15 minutes to University City. The property is situated minutes from Route 1,
and provides access to the Blue Route (Intersate-476), which connects to Interstate- 95 to the south and the Pennsylvania Turnpike (Interstate-276) to the north. In addition, Garrett Road connects tenants to the 69th Street Terminal
(SEPTA) for trains and transit routes.
5
6
Financial Analysis
(11 Apartment Units)
2015
Pro Forma
Comments
INCOME
Rental Income
Total Market Rent
Less: Vacancy
Less: Loss to Lease
Total Rental Income
$88,800
(4,440)
(2,664)
Total Market Rent ($7,400 x 12 Months)
5% Estimate (0% Vacant per Rent Roll dated 5/8/2015)
3% Estimate (12.16% per Rent Roll dated 5/8/2015)
$81,696
Other Income
Laundry Income
Other Income
Total Other Income
TOTAL INCOME
OPERATING EXPENSES
Fixed Expenses
Real Estate Taxes
Gas & Common Electric
$1,320
1,100
$10 per Unit Per Month
$100 per Unit Estimate
$2,420
$84,116
$14,840
5,682
2015 Assessed Value x Total Millage ($250,980 x 0.59127)
2014 Actual
Water
Sewer
Property & Liability Insurance
2,950
2,255
3,300
2014 Actual
$205 per Apartment Unit (Upper Darby Township)
Trash Removal
Fire & Safety
Cable & Phone
Total Fixed Expenses
3,600
384
194
$300 per Month; Owner Provided (New Contract)
2014 Actual
2014 Actual
$3,019 per Unit
$33,205
Variable Expenses
Management Fee
Repairs, Maintenance & Turnover
Landscaping & Snow Removal
Advertising & Marketing
Admin/Legal/Acct/Misc.
Total Variable Expenses
$4,206
3,300
1,100
550
550
$9,706
TOTAL OPERATING EXPENSES
$42,911
NET OPERATING INCOME
$41,205
CAPITAL RESERVES
($2,750)
NET OPERATING INCOME LESS RESERVES
$38,455
5% Management Fee
$882 per Unit
$3,907 per Unit
7
Rent Roll Summary
(As of June 4, 2015)
Unit No.
Unit Type
Lease Rent
Market Rent
1
1Bedroom
$595
$700
2
1Bedroom
$605
$700
3
1Bedrooom
$605
$700
4
1Bedroom
$615
$700
5
Efficiency
$495
$550
6
1Bedroom
$595
$700
7
1Bedroom
$625
$700
8
1Bedroom
$650
$700
9
Efficiency
$485
$550
10
1Bedroom
$605
$700
11
1Bedroom
$625
$700
$6,500
$7,400
Number
of Units
Percentage
of Units
Total
Lease
Rent
Total
Market
Rent
Occupied Units
11
100%
$6,500
$7,400
Vacant Units
0
0%
$0
$0
Total Gross Potential
11
100%
$6,500
$7,400
Total for 11 Units
Summary
8
9
Financial Overview
Financial Summary
Offering Price
$550,000
Price per Unit
$50,000
CAP Rate
7%
Financing
Down Payment (25%)
$137,500
Loan Amount
$412,500
Interest Rate
4.15%
Amortization
25 Years
Term
5 Years
Return
Net Cash Before Debt Service
$38,455
Annual Payment
$26,540
Net Cash After Debt Service
$11,916
Debt Coverage Ratio
1.45
Cash-on-Cash Return
8.67%
Above financing terms are offered through Rittenhouse Capital Advisors debt
advisory platform. To discuss bank terms furnished above or to discuss other
programs, contact:
Rittenhouse Capital Advisors
George D. Johnson, Jr.
george@rittenhousecapital.com
(O) 215.989.4443
(M) 267.218.4411
10
PROPERTY DESCRIPTION
Property Details
Site Plan / Aerial
Property Details
Property Address
390 Cheswold Road; Drexel Hill, Pennsylvania 19026
County
Delaware
Municipality/Township
Upper Darby Township
School District
Upper Darby School District
Zoning
Commercial (02)
APN
16130135801
Lot Size
0.23 Acres / 9,810 Square Foot
Year Built / Renovated
1964
No. of Buildings
1
No. of Stories
2.5
No. of Apartment Units
11
Parking
12 Spaces
Property Construction
Foundation
Concrete Block
Exterior
Brick
Framing
Wood Joist
Roof
Flat; Rubber
Parking Surface
Asphalt
Utilities
Cold Water
Owner
Hot Water
Owner
Gas
Owner
Electric
Tenant
Mechanical
HVAC
Gas-Fired; Hot Water Baseboard Heat
Wiring
Copper; 60 AMP
Fire Protection
Hardwired System in Hallways;
Battery Operated System in Individual Units
12
Property Details
Not drawn to scale. For reference purposes only.
13
Unit / Interior Photographs
14
Unit / Interior Photographs
15
16
MARKET OVERVIEW
Location Overview
Property / Location
390 Cheswold Road
Drexel Hill, PA 19026
Year
Built
Total
Units
Occupancy
Rate
1964
11
100%
Year
Built
Total
Units
1958
11
Utilities
Unit Mix
Rent
Eff.
1 BR
$485-$495
$595-$650
Occupancy
Rate
Unit Mix
Rent
100%
Eff.
$675
2 BR
$895-$975
1 BR
$899
2 BR
$1,050
1 BR
$899
2 BR
$1,050
1 BR
$740
2 BR
$895
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Owner
Owner
Owner
Comparable Properties
Property / Location
Cheswold Apartments
375 Cheswold Road
Utilities
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Tenant
Tenant
Owner
Tenant
Owner
Owner
Owner
Tenant
Owner
Owner
Owner
Tenant
Tenant
Tenant
Owner
Llanerch Place Apartments
1967
84
95%
3200 Township Line Road
Alexander Arms
1968
52
96%
4800 Township Line Road
Drexelbrook Apartments
1948
1223
95%
4812 Drexelbrook Drive
Sheldrake Apartments
N/A
17
93%
1 BR
$625-$775
Tenant
Owner
Owner
Owner
N/A
16
100%
1 BR
$725
Tenant
Owner
Owner
Owner
2 BR
$800
1 BR
$795-$815
Tenant
Owner
Owner
Owner
50 S. State Road
Upper Darby, PA 19082
Hazel Court
S. State Road & Hazel Road
Upper Darby, PA 19082
Hollywood Court Apartments
N/A
11
100%
1209 Hollywood Avenue
Havertown, PA 19083
18
Property / Location
390 Cheswold Road; Drexel Hill, Pennsylvania
1
Cheswold Apartments: 375 Cheswold Road; Drexel Hill Pennsylvania
2
Llanerch Place: 3200 Township Line Road; Drexel Hill, Pennsylvania
3
Alexander Arms: 4800 Township Line Road; Drexel Hill, Pennsylvania
4
Drexelbrook Apartments: 4812 Drexelbrook Drive; Drexel Hill, Pennsylvania
5
Sheldrake Apartments: 50 S. State Road; Upper Darby, Pennsylvania
6
Hazel Court: 7244 Hazel Road; Upper Darby, Pennsylvania
7
Hollywood Court: 1209 Hollywood Avenue; Havertown, Pennsylvania
19
Location Overview
Drexel Hill is located in southeast Pennsylvania and is par t of Delaware County. As of 2010, the total Drexel Hill population was at 28,043.
The median household income was at $66,447 in 2008-2012 and had
grown by 36.26% since 2000. The income growth rate is higher than
the state average rate of 30.32% and is higher than the national average
rate of 26.32%. Similarly, the median house value was at $206,400 in
2008-2012 and had grown by 63.68% since 2000. As a reference, the
national Consumer Price Index (CPI) inflation rate for the same period is
26.63%.
Situated southwest of Center City, Philadelphia, Drexel Hill is part Upper Darby Township, a 7.62± square mile municipality characterized by a mixture of residential (65%) and commercial (25%) land uses. The Township is bordered to the
north by Haverford Township, to the east by the City of Philadelphia, the south by the Boroughs of Clifton Heights, Lansdowne and East Lansdowne and the west by Springfield Township. West Chester Pike (PA Route 3) is considered the primary commercial roadway within the local market area and Delaware County. The commercial uses along West Chester
Pike consist primarily of highway commercial development including strip, neighborhood an community shopping centers,
fast food franchises, big box retailers, automobile dealerships, banks and gas stations.
Upper Darby Township's population is diverse, representing over 100 ethnic cultures located within its densely populated, row house streets. It is Pennsylvania's sixth
most populous municipality. As of the 2010 census, the
township had a total population of 82,795. The Township is served by the Upper Darby School District. In all,
the 12 Public Schools plus the Kindergarten Center serve
nearly 12,000 students. The district has one high school,
Upper Darby High School, and two middle schools, Beverly Hills Middle School and Drexel Hill Middle School. Upper Darby High School is the largest High School in the State
of Pennsylvania with well over 4,000 students. In addition to the public school district, Upper Darby Township is home to
several parochial and private schools. Also available to residents of Upper Darby and surrounding areas is the Upper Darby
Adult Evening Program (UDAEP). UDAEP offers professional development and general education classes to township
residents. UDAEP is an independent non-profit entity separate from the Upper Darby School District. Delaware County
Community College operates a center in Upper Darby's Barclay Shopping Center.
SEPTA operates two suburban trolley lines through Drexel Hill: Route 101 Media and Route 102 Sharon Hill. Several bus
lines also operate via Drexel Hill, including routes 107, 110, 111, 115 and 122. The major roads running through Drexel
Hill are Township Line Road (US 1), State Road, Burmont Road, Garrett Road, Lansdowne Avenue, Marshall Road,
Drexel Avenue, Edmonds Avenue and Shadeland Avenue.
20
Delaware County - Pennsylvania
Named for the Delaware River, Delaware County is one of 67 counties in Pennsylvania. “Delco” is the 5th most-populous
County in Pennsylvania, with a median household income higher than the median in the Philadelphia-CamdenWilmington Metropolitan Statistical Area, the state of Pennsylvania, and the Continental United States. A fast-growing
county located just southwest of the city of Philadelphia, the county has 49 unique municipalities with a total population
of 558,979 (2010 census). The county is home to 11 colleges and universities including Villanova University, Haverford
College and Penn State Brandywine Campus. With Media as its county seat, Delaware County consists of communities
adjacent to the city-county of Philadelphia, and is included in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area, as well as the much larger Philadelphia-Reading-Camden, PA-NJ-DE-MD Combined Statistical
Area. Socioeconomically, Delaware County consists of mostly middle and upper-middle class communities with some
working class and upper class neighborhoods. The County enjoys a diverse industry mix, high-performing schools, and a
highly educated workforce.
 Transportation
Delaware County is bisected north to south by Blue Route (Interstate 476)
which connects Interstate-76 in the extreme northern corner of the county to
Interstate-95, which parallels the Delaware River along the southeastern
edge of the county. Delaware County is home to SEPTA's 69th Street Terminal in Upper Darby, and is ser ved by the Nor r istown High Speed
Line, two Red Arrow trolley lines (Routes 101 and 102), four Regional Rail
Lines (the Airport Line, Wilmington/Newark Line, Media/Elwyn Line, and
Paoli/Thorndale Line), and a host of bus routes. The western portion of Philadelphia International Airport is located in Delaware County, and the county
hosts some airport-related commerce such as Philadelphia's UPS terminal
and airport hotels. Other major roads and highways include US Routes 1,
13, 20, 202, and 322, as well as PA Routes 3, 252, 352, 452, 320, 420, 261,
291 and 491.
 Geography
Delaware County is roughly diamond- or kite-shaped, with the four sides formed by the Chester County boundary to
the northwest, the boundary with the state of Delaware (a portion of the "Twelve Mile Circle") to the southwest, the
Delaware River (forming the border with the state of New Jersey to the southeast, and the city of Philadelphia and
Montgomery County to the east and northeast. The county has a total area of 191 square miles.
 Demographics
As of 2010, the total Delaware County population was at 558,979, which had grown 1.47% since 2000. The median
household income within the County was at $64,242 in 2008-2012 and had grown by 28.25% since 2000. The income growth rate was higher than the national average rate of 26.32%. The County’s median house value was at
$236,600 in 2008-2012 and had grown by 83.70% since 2000. The house value growth rate is higher than the state average rate of 70.00% and is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%.
21
Location Overview
DEMOGRAPHIC SNAPSHOT
1 Mile
3 Miles
5 Miles
2014 Population
29,481
225,710
585,391
2019 Population
29,652
226,967
595,480
Population Growth 2014-2019
0.58%
0.56%
1.72%
Average Age
38.30
38.10
37.80
2014 Total Households
11,726
85,868
225,013
Household Growth (2014-2019)
0.70%
0.61%
1.74%
$63,091
$54,900
$47,218
2.50
2.60
2.60
$183,856
$189,035
$177,930
1947
1948
1948
Median Household Income
Average Household Size
Median Home Value
Median Year Built
22
Location Overview

Location
Philadelphia is located in the Northeastern United States at the confluence of the Delaware and Schuylkill rivers, and it is the only consolidated city-county in Pennsylvania. Within the Delaware Valley, the Pennsylvania metropolitan division consists of five counties in Pennsylvania
and has a population of 4,008,994. The city is the seat of its own county. The adjacent counties are Montgomery to the north; Bucks to the
northeast; Burlington County, New Jersey, to the east; Camden County,
New Jersey, to the southeast; Gloucester County, New Jersey, to the
south; and Delaware County to the west.

Demographics
Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of the
United States, and the fifth-most-populous city in the United States. As of the 2010 Census, the city had a population
of 1,526,006, growing to 1,553,165 in 2013 by Census estimates. Philadelphia median household income is $37,016 in
2008-2012 and has grown by 20.39% since 2000. Philadelphia median house value is $142,300 in 2008-2012 and has
grown by 138.36% since 2000. The house value growth rate is much higher than the state average rate of 70.00% and
is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%

Economic Center
As the center of economic activity in Pennsylvania, the Philadelphia area had a total gross
metropolitan product of $347 billion in 2010, the seventh-largest metropolitan economy
in the United States (Bureau of Economic Analysis). With a gross domestic product of
$388 billion, Philadelphia ranks ninth among world cities and fourth in the nation. The
city is also the nation's fourth-largest consumer media market, as ranked by the Nielsen
Media Research. The city is home to the Philadelphia Stock Exchange and several Fortune 500 companies, including cable television and internet provider Comcast, insurance
companies Colonial Penn, CIGNA and Lincoln Financial Group, energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers
Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and
GlaxoSmithKline, Boeing Rotorcraft Systems, and automotive parts retailer Pep Boys.
Philadelphia's economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information technology and service-based economy. Financial
activities account for the largest sector of the metro economy, and it is one of the largest
health education and research centers in the United States.
23
Location Overview

Education
Education in Philadelphia is provided by many private and public institutions. The School District of Philadelphia runs
the city's public schools. Philadelphia has the second-largest student concentration on the East Coast, with over
120,000 college and university students enrolled within the city and nearly 300,000 in the metropolitan area. There are
over 80 colleges, universities, trade, and specialty schools in the Philadelphia region. The city contains three major
research universities: the University of Pennsylvania, Drexel University, and Temple University; and the city is home
to five schools of medicine: Drexel University College of Medicine, Philadelphia College of Osteopathic Medicine,
Temple University School of Medicine, Thomas Jefferson University, and the University of Pennsylvania. Other institutions of higher learning within the city's borders include: Saint Joseph's University, La Salle University, Peirce College, University of the Sciences in Philadelphia, The University of the Arts, Pennsylvania Academy of Fine Arts, Curtis Institute of Music, Thomas Jefferson University, Moore College of Art and Design, The Art Institute of Philadelphia, Philadelphia University, Holy Family University and Community College of Philadelphia. The Philadelphia suburbs
are home to a number of other colleges and universities, including Villanova University, Bryn Mawr College, Haverford College, Swarthmore College, Ursinus College, Cabrini College, and Eastern University.

Cultural Center
Philadelphia is the cultural center of the Delaware Valley, home
to over 6 million people and the country's sixth-largest metropolitan area. Philadelphia is home to many national historical sites
that relate to the founding of the United States. Independence
National Historical Park is the center of these historical landmarks. Independence Hall, where the Declaration of Independence was signed, and the Liberty Bell are the city's most famous
attractions attracting over 2 million visitors (2010). Other historic
sites include homes for Edgar Allan Poe, Betsy Ross, and Thaddeus Kosciuszko, early government buildings like the First and
Second Banks of the United States, Fort Mifflin, and the Gloria
Dei (Old Swedes') Church. Philadelphia's major science museums
include the Franklin Institute, which contains the Benjamin
Franklin National Memorial; the Academy of Natural Sciences;
the Mütter Museum; and the University of Pennsylvania Museum
of Archaeology and Anthropology. History museums include the
National Constitution Center, the Atwater Kent Museum of Philadelphia History, the National Museum of American Jewish History, the African American Museum in Philadelphia, the Historical
Society of Pennsylvania, the Grand Lodge of Free and Accepted Masons in the state of Pennsylvania and The Masonic
Library and Museum of Pennsylvania and Eastern State Penitentiary. Philadelphia is home to the United States' first
zoo and hospital, as well as Fairmount Park, one of America's oldest and largest urban parks.
24
Location Overview

Transportation
Philadelphia is served by the Southeastern Pennsylvania Transportation Authority (SEPTA), which operates buses,
trains, rapid transit, trolleys, and trackless trolleys throughout Philadelphia, the four Pennsylvania suburban counties of
Bucks, Chester, Delaware, and Montgomery, in addition to service to Mercer County, New Jersey and New Castle
County, Delaware. SEPTA's Airport Regional Rail Line Regional Rail offers direct service to the Philadelphia International Airport. Philadelphia's 30th Street Station is a major railroad station on Amtrak's Northeast Corridor, which offers access to Amtrak, SEPTA, and New Jersey Transit lines. The PATCO Speedline provides rapid transit service to
Camden, Collingswood, Westmont, Haddonfield, Woodcrest (Cherry Hill), Ashland (Voorhees), and Lindenwold, New
Jersey, from stations on Locust Street between 16th and 15th, 13th and 12th, and 10th and 9th Streets, and on Market
Street at 8th Street.

Roadways
Interstate 95 runs through the city along the Delaware River as a main north-south artery known as the Delaware Expressway. The city is also served by the Schuylkill Expressway, a portion of Interstate 76 that runs along the Schuylkill
River. It meets the Pennsylvania Turnpike at King of Prussia, Pennsylvania, providing access to Harrisburg, Pennsylvania and points west. Interstate 676, the Vine Street Expressway, has a link between I-95 and I-76, it runs below street
level through Center City, connecting to the Ben Franklin Bridge at its eastern end. Roosevelt Boulevard and the Roosevelt Expressway (U.S. 1) connect Northeast Philadelphia with Center City. Woodhaven Road (Route 63), built in
1966, and Cottman Avenue (Route 73) serve the neighborhoods of Northeast Philadelphia, running between Interstate
95 and the Roosevelt Boulevard (U.S. 1). The Fort Washington Expressway (Route 309) extends north from the city's
northern border, serving Montgomery County and Bucks County. U.S. 30, extending east-west from West Philadelphia
to Lancaster, is known as Lancaster Avenue throughout most of the city and through the adjacent Main Line suburbs.
Interstate 476, commonly nicknamed the "Blue Route" through Delaware County, bypasses the city to the west, serving the city's western suburbs, as well as providing a link to Allentown and points north. Similarly, Interstate 276, the
Pennsylvania Turnpike's Delaware River Extension, acts as a bypass and commuter route to the north of the city as
well as a link to the New Jersey Turnpike to New York.
25
Kenneth Wellar
Tel: 215.454.2879
ken@rittenhouserealty.com
Corey Lonberger
Tel: 215.454.2878
corey@rittenhouserealty.com
Mark Duszak
Tel: 215.454.2884
mark@rittenhouserealty.com
Luke DeLuca
Tel: 716.510.3715
luke@rittenhouserealty.com
Chris Egan
Tel: 215.454.2913
chris@rittenhouserealty.com
Doug Emrich
Tel: 215.454.2889
doug@rittenhouserealty.com
David Greenhalgh
Tel: 215.454.2887
david@rittenhouserealty.com
Robert Marzullo
Tel: 215.454.2921
robert@rittenhouserealty.com
Steve Miceli
Tel: 215.454.2916
steve@rittenhouserealty.com
Vincent Tagliente
Tel: 215.454.2920
vincent@rittenhouserealty.com
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Philadelphia, PA 19103
Tel: 215.454.2852
New York Office
200 West 57th Street
Suite 702
New York, NY 10019
Tel: 212.765.7900
Delaware Office
102 Larch Circle
Suite 102
Newport, DE 19804
Tel: 302.994.3907
www.RittenhouseRealty.com | info@rittenhouserealty.com

Offering Memorandum 11 Apartment Units Delaware County 390

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