Mid Atlantic Real Estate Journal — New Jersey — December 7 - 20, 2012 — 5B


AST ORANGE, NJ — HFF announces that it has closed the sale Cruz, Scandalios, O’Hearn & Julien represent seller HFF closes $39.3 million sale of Gaia Park View, 273-unit multi-housing community in East Orange E

20-story property is 98 percent leased and features studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, fit- ness center and covered park- ing. Gaia Park Apartments is undergoing a renovation that includes adding a West Wing build-out with seven additional units, a new office, a larger laundry room and a community center. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios , and directors Kevin O’Hearn and Jeffrey Julien . “Gaia Park Apartments has an excellent location in Essex County; it’s one of the state’s most populated counties with nearly 800,000 residents, as well as being situated in a sub- market with less than six per- cent vacancy,” said Cruz. “SDK purchased a very prominent asset in the submarket”. ■ we’ve taken advantage of all opportunities and added twelve capital generating assets to our portfolio in a short period of time.” The key to Treetop’s growth has been an ability to ac- quire properties at competi- tive prices, perform capital improvement programs and reintroduce the homes to the market as high quality housing alternatives. At the Belleville property, which currently has 70 vacancies, the company will institute a $4 million capital improvement program to the unoccupied homes and the physical grounds and infra- structure to transform it into a signature Treetop rental complex. The property is situated a quick trip to Belleville Ave. which provides access to Rtes. 21, 7, 3 and the Garden State Parkway. ■

of Gaia Park View, a 273- unit multi- housing com- munity. HFF mar- k e t e d t h e property on behalf of the seller, Gaia Real Estate I n v e s t - ments,LLC . SDKApart- ments pur- chased the a s s e t f o r $39.275 mil- lion. Gaia Park Apartments is located on a 3.82-acre site

Jose Cruz

Andrew Scandalios

at 320 South Harrison Street in East Orange, close to the Garden State Parkway, In- terstates 78 and 280, and the New Jersey Turnpike. The

Gaia Park View

Treetop Development continues Essex County expansion with $39 million, 404 unit rental property in Belleville

BELLVILLE, NJ — Adam Mermelstein , principal of Treetop Development , has announced another significant purchase in Essex County multi-family market. The company has acquired 404 one- and two-bedroom town- home-style rental residences housed in 23 two-story build- ings in Bellville. Treetop Development pur- chased the property, which lies on 17.5 acres across from Bel- leville Park and one block from Hendricks Field Golf Course, for $39 million. The acquisition widens the company’s footprint in Essex County where it already con- trols more than 3,000 homes in Cities such as Newark and East Orange. “Essex County is one of the state’s traditionally strong housing markets and we’ve been fortunate to build a significant

Belleville Park

portfolio of properties in the region by capitalizing on niche markets in some of its most

significant urban centers,” said Mermelstein. “Whether it’s been special-

ized holdings such as HUD apartment buildings or existing market rate rental properties,

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