Treetop Development of Teaneck, N.J., has purchased Charter
Court at East Falls, a 502-unit high-rise apartment complex in the Philadelphia
neighborhood for $47.25 million.
Charter Court at East Falls, at 5450 Wissahickon Ave.,
comprises two 11-story buildings with a mix of studio, one-, two- and
three-bedroom apartments.
The developer said the acquisition, its first foray into the
Philadelphia market, would offer an "affordable alternative" to
higher-price rentals in Center City.
Treetop said it would spend $7 million on upgrades, on top
of the $5 million spent by the previous owner, Resource Residential, in 2013.
Source: Philly.com
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