NEWARK-TreeTop Development recently completed the purchase ofthree rental communities here totaling over 450 apartment homes inEssex County. The transactions are representative of a newinvestment strategy implemented by the locally based developer andowner to take advantage of today’s market conditions by purchasinghigh-performing and well-located HUD apartment assets.

The aggressive philosophy has enabled TreeTop to grow itsportfolio of rental apartments in Essex County to over 1,500 unitsat a time when many property owners have slowed pursuingmultifamily investments. “Economic concerns and challengesover the past few years have certainly created new opportunities inthe real estate industry for multifamily property owners andinvestors,” says Adam Mermelstein, a TreeTop principal. “We’reconsistently monitoring industry conditions and identifyingstrategies that could strengthen our presence in local markets andadd value-laden properties to our portfolio,” he tells GlobeSt.com.“Purchasing high-quality HUD apartment assets is one of theseavenues.”

Among the properties TreeTop acquired was Aspen Riverpark. Builtin the 1940s as housing for Prudential Insurance employees, thecomplex features 258 rental homes in Newark’s popular Ironbounddistrict. TreeTop plans to invest $1.5 million in capitalimprovements that include new landscaping and upgraded lobbies andcommon areas.