The Charter Court Apartments (formerly the School Lane House Apartments) has changed hands in a $56 million deal. Picked up by GoldOller Real Estate Investments, the 1950’s vintage building consists of 500 units within two interconnected eleven story towers. Located on Wissahickon Ave. in the East Falls section of Philadelphia, the property will undergo a complete renovation. GoldOller plans to install new HVAC system and windows, a new 5,000 sqf fitness center, an onsite spa and dry cleaner, along with a cyber café. Additionally, all of the apartments will be upgraded with brand new kitchens and bathrooms including granite countertops and high end fixtures.
“We are very bullish on Charter Court and the historic East Falls section of Philadelphia. Our plan is to implement renovations and service enhancements while maintaining a price advantage over our local competition in East Falls and at a significant discount to comparable Center City properties,” said Jake Hollinger, GoldOller Partner and COO. “From GoldOller’s inception, we have consistently produced excellent returns for our investors by employing this value enhancement strategy and we are confident that our success will continue with Charter Court.”
