A group of veteran Philadelphia-based brokers has launched Rittenhouse Realty Advisors, a commercial real estate brokerage, consulting and advisory firm, it was announced yesterday. Based in the City of Brotherly Love, the firm will also have a New York office at 200 West 57th Street and a presence in Washington, D.C.
The firm was founded by Ken Wellar and Corey Lonberger, veterans of Marcus & Millichap, and Benjamin Oller, founder of The Condo Shop. The founders will be joined by Mark Duszak, formerly of CBRE, a 10-year veteran of the multifamily market. Collectively, the executive team at Rittenhouse Realty Advisors has over 30 years of combined experience in the multifamily market and has brokered over $4 billion in sales.
“We’ve been talking about doing this for years, it’s been a dream for the last 10 years,” Mr. Wellar, co-managing partner, told The Commercial Observer.
The firm’s focus is on multifamily communities in the Northeast and Rittenhouse Realty Advisors is already underwriting properties in the New York market. “We will hopefully start marketing properties there soon, as well,” Mr. Wellar added.
The firm is also aiming to recruit in New York and make the market a stronghold similar to their base in Philadelphia, according to Mr. Wellar. Additionally, Rittenhouse Realty Advisors has formed a partnership with Multifamily Management Services in New York, a firm that manages over 55,000 multifamily units.
“The goal is to differentiate ourselves, not only offering brokerage services,” noted Mr. Lonberger. “If there’s need for management or refinancing, we want to be able to offer that in house or through a third party and guide clients in the right direction.”