Adam Mermelstein Of Treetop Development Announces The Purchase Of A 115-unit Hud Rental Complex In Newark, N.J

Treetop Developement purchases Willie T. Wright Apartments. End Quote

Newark, NJ (1888PressRelease) September 23, 2011 - Adam Mermelstein, a principal of TreeTop Development, has announced the purchase of a 115-unit rental apartment complex located at 135 Prince Street in the Central Ward district of Newark, N.J.

The locally-based developer purchased the property - named Willie T. Wright Apartments - and has plans to invest $1.5 million in renovations for the complex, including upgraded building systems, common areas, unit interiors and site landscaping.
Richard Kelin of Feinstein, Raiss, Kelin and Booker represented the buyers as legal counsel.

The deal is representative of a unique investment strategy implemented TreeTop Development to take advantage of today's market conditions by purchasing high-performing and well-located HUD apartment assets. The aggressive philosophy has enabled TreeTop to grow its portfolio of rental apartments to more than 1,250 apartments in Newark and over 2,000 units in Essex County, N.J.

"Two years ago we examined real estate acquisition opportunities to discover new and creative avenues that could strengthen our presence in local markets and grow our portfolio" says Mr. Mermelstein. "Purchasing high-quality HUD apartment assets emerged as an extremely viable niche market and has enabled us to significantly expand our company by adding well-performing rental communities at competitive prices that immediately generate capital.

"Since we began utilizing this creative acquisition approach, we've added nearly 1,000 rental homes to our portfolio and solidified our place as a leading property owner, manager and developer in the Essex County marketplace."

Situated near the Newark Court House, Willie T. Wright Apartments features one-, two-, three- and four-bedroom homes housed in a three-story garden-style apartment complex.

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.

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