PHILADELPHIA, PA – Adam Mermelstein and Azi Mandel, principals of Treetop Development, LLC, announced today the $47.25 million purchase of Charter Court at East Falls, a 502-unit high rise apartment complex located in this burgeoning northwest Philadelphia neighborhood.
The transaction represents the Teaneck, N.J.-based real estate concern’s first foray into the Philadelphia market where the company plans to introduce renovated upscale apartment homes at competitive pricing that offer an affordable alternative to the high-priced rental buildings in nearby urban settings such as Center City, according to Mr. Mermelstein.
The purchase of Charter Court follows Treetop Development’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, Newark, N.J. and beyond. 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.
Treetop, which has earned a strong reputation for trademark capital improvement programs that significantly raise the quality of its apartment assets through upgrades and rehabilitation, plans to invest more than $7 million into Charter Court.
“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,” says Mr. 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.
“Charter Court will offer modern apartments with designer features and world class amenities at monthly rental rates significantly less than those found in this City’s more chic neighborhoods. And with a location just two blocks from SEPTA regional rail lines, it will be the perfect destination for students, single professionals and families looking for affordable luxury living in close proximity to the central business district.”
Treetop Development will be renovating all of the vacancies 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 floorplan,
“We’ve conducted extensive research to discover what renters in the Philadelphia market want and these apartments and this complex will directly reflect that,” adds Mr. Mandel. “In addition to the homes themselves, we’ll be adding to and improving the existing amenity package which currently includes a resort-style pool with cabanas, residents lounge, concierge, fitness center, business center and pet spa. We plan to renovate the attended lobby and the pool and cabana area, as well as add a private movie theater and other exciting amenities.”
Treetop Development will also upgrade building mechanical systems, including the boilers and plumbing.
Charter Court at East Falls consists of two 11-story high-rise buildings featuring a comprehensive mix of studio, one-, two- and three-bedroom apartment homes. Bordered by scenic parkland, the complex provides a distinctly suburban feel, yet boasts majestic views of the Center City skyline.
“Charter Court is an urban oasis that provides all the vibrancy and convenience of upscale City living in an easily-accessible location,” Mr. Mandel points out. “In addition to the wealth of world class activities and services on-site, we’re also just minutes from the revitalized East Falls shopping district with an exciting offering of restaurants and shops. Of course, a short walk away is the Queen Lane Septa Station which brings the cultural and entertainment venues of Center City and Temple University a quick 15-minute ride away.”
Charter Court is one of several multi-family properties expected to be acquired by Treetop Development in 2014. The company is currently pursuing several other residential portfolio style deals and anticipates investing in nearly $400 million worth of real estate throughout the year.
For additional information on Treetop Development, please call 973-622-0073 or visit www.treetopdev.com.
About Treetop Development, LLC:
Led by General Partners Azi Mandel and Adam Mermelstein, Treetop Development, LLC is a multi-faceted real estate concern with a focus on renovating and developing buildings in key urban centers throughout the New York Metropolitan area. In addition, the company has initiated an aggressive plan to acquire existing HUD apartment complexes and institute capital improvement programs to upgrade and modernize the assets, including living spaces, common areas and building systems before returning them to market.