An iconic building on Sansom Street has been sold for nearly $24 million and will receive $2 million in renovations.
The property, located at 1601 Sansom St., houses the Rittenhouse Row Apartments. It was acquired by Wilmington, Delaware-based Capano Residential for $23.725 million. It is the first commercial asset acquisition by the real estate development and management company in Philadelphia.
The 13-story, 80-unit apartment building was listed in May 2025. It sits on the northwest corner of 16th and Sansom streets with two ground-floor commercial spaces leased to fast-casual stir-fry brand Honeygrow and the self-pour beer bar chain Tapster.
Capano is planning more than $2 million in renovations to the second floor, which currently houses a gym and leasing office. The company plans to demolish the entire floor to construct four additional apartments; renovate the leasing office; relocate and enhance the existing fitness center; and create a tenant amenity space that can be used for co-working and social gatherings. Capano expects renovations to be completed by the end of 2026.
“Rittenhouse Row Apartments is located at a bustling established retail corner, and it reflects the type of targeted acquisitions we’re pursuing as we expand our regional footprint,” said Louis Capano III, CEO, Capano Residential. “We are focused on unlocking the property’s full potential through thoughtful investment, operational excellence and a commitment to delivering an elevated residential experience.”
The building was constructed in 1910 and was converted to residential in the early 1990s. According to officials, it is 94-percent occupied.