The buying spree began earlier this year when TreeTop closed on the $22 million purchase of Parkwood Place, a 293-unit complex on Mt. Prospect Ave. in the city's Forest Hills section, in a joint venture with Alex. Brown Realty Inc. The complex has since undergone a $1-million capital improvement program.
TreeTop also recently completed the acquisition of the MLK Portfolio, a 256-unit complex encompassing the full city block at 775 and 777 Martin Luther King Blvd., between University Heights and the city's Lincoln Park Arts District. The seller was local investor Kenneth Pasternak.
"The MLK Portfolio is noteworthy in the ongoing rehabilitation of the neighborhood, where 3,000 subsidized apartments and new market-rate townhomes are either being built or restored," Mermelstein says. "The buildings are currently 30% vacant and in need of upgrades. We're planning $5 million in large-scale renovations."
The pending acquisitions were not identified, although one of them was described as a nine-building portfolio in this city's northern portion, in the vicinity of Branch Brook Park. David Oropeza and Joel Schwartz of Gebroe-Hammer Associates were identified as the brokers.
"The resurgence of this city as a residential destination is well under way," Mermelstein says. "There's a significant need for quality rental apartments that serve both the luxury market, and the local middle class market. As a result, we're actively pursuing opportunities that we expect to be valuable additions to our existing residential portfolio of both for-sale and rental properties."
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