Treetop Development Continues Essex County Expansion With 404-unit Rental Property In Belleville, NJ
Treetop Development Purchases the 17.5-Acre Property for $39 million.
- New York, NY (1888PressRelease) November 30, 2012 - Adam Mermelstein, principal of Treetop Development, has announced another significant purchase in the vibrant Essex County, N.J. multi-family market. The company has acquired 404 one- and two-bedroom townhome-style rental residences housed in 23 two-story buildings in Bellville, N.J.
Teaneck, N.J.-based Treetop Development purchased the property, which lies on 17.5 acres across from Belleville Park and one block from Hendricks Field Golf Course, for $39 million. The acquisition widens the company's footprint in Essex County where it already controls more than 3,000 homes in Cities such as Newark and East Orange.
"Essex County is one of the state's traditionally strong housing markets and we've been fortunate to build a significant portfolio of properties in the region by capitalizing on niche markets in some of its most significant urban centers," says Mr. Mermelstein.
"Whether it's been specialized holdings such as HUD apartment buildings or existing market rate rental properties, we've taken advantage of all opportunities and added twelve capital generating assets to our portfolio in a short period of time."
The key to Treetop's growth has been an ability to acquire properties at competitive prices, perform capital improvement programs and reintroduce the homes to the market as high quality housing alternatives. At the Belleville property, which currently has 70 vacancies, the company will institute a $4 million capital improvement program to the unoccupied homes and the physical grounds and infrastructure to transform it into a signature Treetop rental complex.
Significant improvements will include upgraded electric throughout the property, new roofs and improved landscaping. Interior upgrades to the homes will include - hardwood flooring (restore existing), new shaker style cabinetry, new kitchen appliances and renovated bathrooms.
The property is situated a quick trip to Belleville Avenue which provides easy access to Routes 21, 7, 3 and the Garden State Parkway. New Jersey Transit Bus service is also available via the Union Avenue stop.
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. In addition, 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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