Treetop Development, LLC of Teaneck, NJ, has acquired the 502-unit Charter Court apartment building here for $47.05 million.
The deal marks the firm's entrance into the Phladelphia multi-family market, say Adam Mermelstein and Azi Mandel, principals of Treetop. The company plans to invest another $7 million in upgrades to the twin, 11-story buildings in southwest Philadelphia and turn them into high-end apartments.
The acquisition fits with the company’s strategy to grow its portfolio of homes by acquiring value-added buildings in untapped residential neighborhoods in major northeastern cities, including New York City and Newark, NJ. In the past two years, Treetop Development has acquired nearly 2,000 apartments in strategic urban locations such as Morningside Heights, Rego Park, Queens and Upper Harlem.
“Charter Court was the perfect opportunity for us to enter into a dynamic rental market we firmly believe has strong pent up demand luxury apartments at reasonable pricing,” states Treetop’s Mermelstein. “This property has recently undergone $5 million of renovations by the previous owner to bring it on par with more expensive rental offerings in areas such as Center City. We plan millions more in upgrades to transform Charter Court into a high-end residential address that’s uncommon in northwest Philadelphia.
Treetop will be renovating all of the vacant units with high end finishes, including hardwood flooring, modern espresso cabinetry with blizzard white caesarstone, and fully renovated bathrooms. Treetop also plans to reconfigure the layout in many apartments to provide a more open floor plan. Treetop Development will also upgrade building mechanical systems, including the boilers and plumbing.
Company officials say the firm is currently pursuing several other residential portfolio style deals and anticipates investing in approximately $400 million worth of acquisitions throughout the year.
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