NEWARK-TreeTop Development has acquired Aspen Stratford, a 115-unit HUD subsidized rental complex located at 19 and 29 Stratford Place here from a private seller for an undisclosed sum, the company says. The deal is TreeTop’s fifth such acquisition of HUD properties in the city. Its apartment portfolio includes more than 1,250 units in Newark and 2,000 in Essex County, according to Adam Mermelstein, a principal of TreeTop Development.
“We consider ourselves major players in the Essex County market,” Mermelstein tells GlobeSt.com. “We are firm believers in Newark and the growth and opportunities here.”
Built in the 1940s and most recently renovated in the 1980s, Aspen Stratford consists of two separate five-story and six-story buildings, housing one-, two-, and three-bedroom apartments. TreeTop is spending $1 million in renovations to replace the roof, front door, awnings and boilers, as well as renovation common areas.
“It didn’t have aggressive management,” Mermelstein says. “They sort of let the property grow. This is one of the tougher blocks in Newark and you need aggressive management.”
Andrew Daitch of Marcus & Millichap served as broker in the transaction. Steven Fleissig of Greenberg Traurig represented TreeTop as legal counsel.
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