Wilmington, DE-based Capano Residential has acquired Rittenhouse Row Apartments, located at 1601 Sansom Street. This is the first commercial asset acquisition in the city of Philadelphia by the real estate management company.

The 13-story, 80-unit apartment building in the heart of Center City was listed for sale in May of 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.

The 94% occupied building was built in 1910 and converted to residential in the early 1990s. Capano is planning renovations to the second floor, which currently houses a gym and leasing office. The company will 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.

“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.” Capano added that the company plans to purchase more properties in the flourishing Philadelphia real estate market and is currently under agreement to acquire another building in Center City a few blocks away.