With the acquisition of Charter Court at East Falls, a high-rise complex, Clark Talone of M&M says, “Treetop took advantage of the opportunity to acquire immediate scale in a thriving location. The property's strong current occupancy will generate cash flow while Treetop embarks on the $7 million renovation program.”

MacLaren and Talone were joined by Andrew Townsend in representing Resource Real Estate, which sold the property to Treetop; the team also advised the buyer. Mark Thomson and Zachary Pierce, formerly of M&M, also took part in the transaction.

Charter Court is situated at 5450 Wissahickon Ave., two blocks from the Queen Lane SEPTA station, which provides easy access to Center City.

The two-tower complex includes six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment.

Shared amenities include a pool area with cabanas, a business center, a fitness center, pet spa and door attendant. The previous owner completed a nearly $5 million renovation that upgraded amenities, common areas, hallways and many unit interiors.

“Resource was rewarded by having a strong vision for this property several years ago,” says Townsend. “They did a lot of the 'heavy lifting' and delivered a stable, improved property with significant upside to a strong sales market.”