2012 was one for the record books for Treetop Development which closed the year with the largest portfolio of homes in its eight-year history.
Spurred by an aggressive acquisition strategy designed to significantly increase its presence in key New York metropolitan area markets, the Teaneck, N.J.-based apartment owner/manager/developer added seven rental communities consisting of nearly 700 homes to its ever expanding roster of self managed residential offerings.
The predominant factor in Treetop's growth has been an ability to acquire these properties at competitive prices, perform capital improvement programs and reintroduce the homes to the market as high quality housing alternatives. Each community undergoes a trademark Treetop renovation to the homes, physical grounds and infrastructure to transform it into one of the developer's signature rental complexes.
The new acquisitions included:
. A collection of 404 townhome style rentals housed in 23 two-story buildings in the Essex County City of Belleville, N.J.;
. A 108-unit HUD garden apartment complex in the Union County City of Plainfield;
. Four properties in New York City consisting of over 80 apartment homes and eleven retail spaces totaling 10,000 square feet. The buildings are located at 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street.
. A 52-unit rental building located at 165 West 127th Street in New York City which features 6,000 square feet of second floor commercial space and 6,000 square feet of ground floor retail spaces.
. Treetop also purchased in excess of 400 rental units in various properties stretching from West 105th St to West 116th St. The buildings are situated on major Avenues such as Amsterdam, Columbus, and St. Nicholas Ave.
The properties are indicative of the wide range of investment opportunities Treetop Development will continue to seek in the months ahead.
"Our goal is to add an additional 1,000 plus units in popular residential areas in New York City and New Jersey in 2013," says Adam Mermelstein, a Treetop principal. "We'll do so by following the same strategic plan for growth that has been so successful to date.
"This includes strengthening our foothold in core New Jersey markets in Hudson, Essex and Union Counties and continuing to pursue opportunities to purchase high performing affordable housing products. In New York City, we initially established a strong presence with significant investments in gentrifying neighborhoods north of Central Park such as 105th Street. We're now looking at additional properties from the 130s stretching to Washington Heights and Inwood."
Treetop also plans to expand its geographical boundaries into the Pennsylvania and Connecticut multi-housing sector and is actively pursuing investment opportunities in these States.
With the new additions, Treetop Development now owns and self manages nearly 4,000 residential homes in New York and New Jersey.
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.