By Joshua Ayers, Senior Editor
Philadelphia—Treetop Development LLC has purchased Charter Court at East Falls, a 502-unit high-rise community located in Philadelphia.
The $47.3 million acquisition represents Treetop’s first in the MSA.
“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 Adam Mermelstein, principal Treetop Development. “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.”
The purchase of Charter Court, which is comprised of two 11-story buildings, is part of Treetop’s recent strategy to acquire value-added buildings in untapped residential neighborhoods in large metropolitan areas in the Northeast. Treetop has added more than 2,000 units to major urban markets in the past two years. Neighborhoods include Morningside Heights in Manhattan, Rego Park in Queens, as well as Upper Harlem. The company plans to invest about $400 million into an assortment of real estate throughout 2014 to add to its residential portfolio.
At Charter Court, the company intends to invest an additional $7 million into the property to upgrade the mechanical system and renovate the lobby, pool and cabana area. There are also plans for adding a movie theater.
The community currently offers a mix of studio, one-, two- and three-bedroom apartments, though Treetop intends to reconfigure a majority of the floor plans to allow for a more open layout. The units will feature revamped, high-end finishes such as hardwood flooring, modern cabinetry, Caesarstone countertops and completely renovated bathrooms.
Current amenities at the community include a resort-style pool, resident lounge, concierge, fitness center, business center and spa. Residents also have access to nearby parkland.
“Charter Court is an urban oasis that provides all the vibrancy and convenience of upscale City living in an easily-accessible location,” says Treetop Principal, Azi Mandel. “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.”