The buying spree began earlier this year when TreeTop closed onthe $22million purchase of Parkwood Place, a 293-unit complex onMt. Prospect Ave. in the city's Forest Hills section, in a jointventure with Alex. Brown Realty Inc. The complex has sinceundergone a $1-million capital improvement program.

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TreeTop also recently completed the acquisition of the MLKPortfolio, a 256-unit complex encompassing the full city block at775 and 777 Martin Luther King Blvd., between University Heightsand the city's Lincoln Park Arts District. The seller was localinvestor Kenneth Pasternak.

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"The MLK Portfolio is noteworthy in the ongoing rehabilitationof the neighborhood, where 3,000 subsidized apartments and newmarket-rate townhomes are either being built or restored,"Mermelstein says. "The buildings are currently 30% vacant and inneed of upgrades. We're planning $5 million in large-scalerenovations."

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The pending acquisitions were not identified, although one ofthem was described as a nine-building portfolio in this city'snorthern portion, in the vicinity of Branch Brook Park. DavidOropeza and Joel Schwartz of Gebroe-Hammer Associates wereidentified as the brokers.

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"The resurgence of this city as a residential destination iswell under way," Mermelstein says. "There's a significant need forquality rental apartments that serve both the luxury market, andthe local middle class market. As a result, we're actively pursuingopportunities that we expect to be valuable additions to ourexisting residential portfolio of both for-sale and rentalproperties."

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