NEWARK, N.J. – November 3, 2011 – (RealEstateRama) — TreeTop Development, a multi-faceted developer, owner and manager of residential and commercial properties in New York and New Jersey, has made its initial foray into the Pennsylvania marketplace with the acquisition of a 70-unit project-based Housing Assistance Payment (HAP) contract apartment complex in Chester, PA.
The Newark, N.J.-based company purchased the two-building Section 8 complex – called Benjamin Banneker Plaza — from real estate investment trust Apartment Investment and Management Company (Aimco) for an undisclosed amount, according to Adam Mermelstein, principal of TreeTop Development.
The transaction is representative of a unique investment philosophy TreeTop Development has followed which identifies new markets and creative acquisition opportunities, particularly well-performing affordable housing assets, to significantly expand its portfolio of homes. The company is bringing this trailblazing approach to the Pennsylvania market by actively seeking both market rate and affordable housing deals in the Keystone state.
“We utilize an aggressive strategy to purchase high-quality properties, institute improvement programs to bring them up to modern market standards and reintroduce them as affordable housing options,” Mr. Mermelstein says. “We’re now bringing this proven formula for success to Pennsylvania and expect Benjamin Banneker Plaza to be a springboard to several additional acquisition opportunities.”
Benjamin Banneker Plaza is a well-maintained property which will only require cosmetic upgrades to the building including lobby and common area renovations. Built in 1973, the property consists of a midrise elevator building and another building with 11 townhouse style units. Homes have separate boilers and HVAC that each tenant controls.
Benjamin Banneker Plaza is ideally situated a mile from PPL Park, the new soccer stadium for Major League Soccer’s Philadelphia Union, and two miles from the new Harrah’s Chester PA casino.
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. 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.