October 4, 2016
GoldOller Real Estate Investments struck a deal with Treetop Development LLC of Teaneck, NJ to acquire the 500-unit Charter Court Apartments in Philadelphia’s East Falls section. The Philadelphia investor paid $56 million for the towers at 5450 Wissahickon Ave., with ambitious rehab plans. Treetop Development acquired the property for $47 million in 2014.
Renovations will include a new high-efficiency HVAC system, new windows, upgraded hallways, a new 5,000 square foot fitness palace, an onsite spa and dry cleaner, dog park, and a cyber café. Additionally, all of the apartments will be upgraded with new kitchens and bathrooms.
“This is our first apartment acquisition in the Philadelphia area in years, and for me this is a walk down memory lane,” said GoldOller’s chairman Richard Oller. “As a kid who grew up in Philadelphia, I have great memories visiting relatives who lived there.”
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