Thursday, October 6, 2016

TreeTop Development Sells 496-Unit Charter Court at East Falls

GoldOller Real Estate Investments has acquired the 498-unit Charter Court at East Falls apartments located at 5450 Wissahickon Ave. in Philadelphia, PA from TreeTop Development LLC for $56 million, or about $113,000 per unit.

TreeTop paid Resource Real Estate and Contrarian Capital Management $47.25 million ($95,000 /unit) for the asset in March 2014, according to CoStar data.
See CoStar COMPS #2972021.
Formerly known as School Lane House Apartments, the historic multifamily building was built in 1951. The 11-story, 454,585-square-foot connected high-rise towers are comprised of 85 studios, 87 juniors, 159 one-bedroom, 153 two-bedroom and 12 three-bedroom units ranging between 375 and 1,700 square feet.

"We are very bullish on Charter Court and the historic East Falls section of Philadelphia. Our plan is to implement renovations and service enhancements while maintaining a price advantage over our local competition in East Falls and at a significant discount to comparable Center City properties," said Jake Hollinger, partner and COO of GoldOller. "From GoldOller's inception, we have consistently produced excellent returns for our investors by employing this value enhancement strategy and we are confident that our success will continue with Charter Court."

The buyer reported it intends to complete a major renovation that will "address virtually every aspect of the iconic 50's vintage building, restoring it to the grandeur of the past," including a new fitness palace, on-site spa and dry-cleaner, high-efficiency HVAC systems, new windows, upgraded hallways, a dog park and cyber cafe, and complete interior renovations to feature new kitchens and bathrooms.

"This is our first apartment acquisition in the Philadelphia area in years and for me this is walk down memory lane. As a kid who grew up in Philadelphia, I have great memories visiting relatives who lived there, swimming at the apartment pool which was like a country club experience. I loved the view of the City from the apartment and I always remember feeling important when I was greeted by door staff who always remembered my name, I intend to bring back that feeling for all residents," reminisced Richard Oller, chairman of GoldOller.

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