NEW YORK CITY—Treetop Development has completed the $60 million sale of a portfolio of twelve mixed-use apartment buildings on the Upper West Side. The firm sold the portfolio of 153 apartment homes and 23 commercial spaces to the Orbach Group, a New Jersey-based real estate investment firm. Aaron Jungreis, president and founder of Rosewood Realty Group, represented both the buyer and seller in the deal.

The sale price represents a 31% internal rate of return for the properties, which were originally purchased by the Teaneck, N.J.-based real estate concern in 2012. According to Treetop, the transaction reflects the growing strength of the apartment market bordering Harlem and the Upper West Side which has gained popularity in recent years from students, young professionals and middle-class working families looking for an alternative to New York City’s high-priced rental neighborhoods.

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