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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.