East Falls apartment complex purchased
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