Tuesday, September 2, 2014
Inquirer Daily News

East Falls apartment complex purchased

Charter Court at East Falls. (Photo from liveatchartercourt.com)
Charter Court at East Falls. (Photo from liveatchartercourt.com)

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.

- Alan J. Heavens

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