TREETOP DEVELOPMENT PURCHASES 115 UNIT ASPEN STRATFORD APARTMENTS IN NEWARK. N.J.
NEWARK, NJ – October 11, 2011 – (RealEstateRama) — Aspen Stratford, a 115 unit HUD subsidized rental complex located at 19 and 29 Stratford Place in the Essex County, N.J. City of Newark, has been purchased by TreeTop Development.
Aspen Stratford features one-, two- and three-bedroom homes situated in two separate five story and six story buildings. Andrew Daitch of Marcus & Millichap served as broker in the transaction. Steven Fleissig of Greenberg Traurig represented TreeTop as legal counsel.
At a time when many property owners have slowed pursuing multi-family investments, TreeTop Development has implemented an aggressive acquisition strategy that has raised the total number of apartment homes in its portfolio to more than 1,250 in the City of Newark alone and 2,000 in Essex County, according to Adam Mermelstein, a principal of TreeTop Development.
Aspen Stratford is the next in a long line of HUD apartment assets purchased by TreeTop Development and renovated to bring to market standards. TreeTop plans in excess of $1 million in capital improvements for the complex, including upgraded building systems, common areas and unit interiors.
“Two years ago we made a conscience decision to invest in Newark HUD properties and take the steps needed to improve and modernize the assets and reintroduce them to the market,” says Mr. Mermelstein. “It’s an investment strategy that has had great success at rental buildings including Aspen Riverpark in the Ironbound district and Aspen Temple on the corner of South 10th and 11th streets. Aspen Stratford will be the fifth HUD apartment building in Newark that follows this acquisition and improvement model and will strengthen our commitment to investing in this City by creating strong and stable communities at affordable rental pricing.”
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.