GoldOller Buys Philadelphia Community for $56M
- Oct 05, 2016
Philadelphia—In a $56 million deal, GoldOller Real Estate Investments has acquired Charter Court Apartments, a 500-unit community in the historic East Falls neighborhood of Philadelphia. The seller was Treetop Development, which purchased the property for nearly $47.3 million in 2014, according to Yardi Matrix.
Formerly School Lane House Apartments, Charter Court comprises a mix of studios, one-, two- and three-bedroom homes in two lconnected 11-story towers. The community is located at 5450 Wissahickon Ave., a short distance from Philadelphia University, Drexel University Medical School, William Penn Charter Academy and Germantown Friends School and the Queen’s Lane SEPTA rail station.
According to Richard Oller, chairman of GoldOller the company is planning to restore the 1950’s building to its heyday.
“As a kid who grew up in Philadelphia, I have great memories visiting relatives who lived there,” Oller said in a statement. “In the summer we would take the train to Queen Lane, walk a block and spend the day 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.”
The renovation will include a new high-efficiency HVAC system, new windows, upgraded hallways, a new 5,000-square-foot fitness palace, an onsite spa and dry cleaner, a bark park and a cyber café. Additionally, all apartments will receive new kitchens and bathrooms that will feature granite countertops and high-end fixtures. Joseph Eisenstein, GoldOller’s Charter Court project coordinator, noted that the improvements will be completed without disruption to residents.
According to Jake Hollinger, GoldOller partner & COO, the company plans to implement renovations and service enhancements while maintaining a price advantage over local competition and at a significant discount to comparable Center City properties. “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,” Hollinger added.
Earlier this year, GoldOller Real Estate Investments expanded its portfolio with the acquisition of the 610-unit Westhaven at Vinings in Atlanta. The company owns and operates a $1.5 billion portfolio consisting of about 14,000 units in 17 states.
Image courtesy of Yardi Matrix