Portfolio Strengthens Treetop’s Affordable Housing Footprint Across the Ohio Valley

Treetop Companies has successfully closed on the acquisition of a 419-unit, three-property collection of elderly-designated high-rise communities located across Canton, Coshocton, and New Boston, Ohio.

The properties — acquired from Jonathan Rose Companies, a nationally recognized leader in affordable housing - through a rigorous selection process designed to guarantee their long-term affordability. The acquisition represents a strategic addition to Treetop’s growing affordable housing platform. The purchase strengthens Treetop’s presence in the Ohio Valley region, where approximately 40% of its HUD portfolio is already based, and further enhances operational efficiency through economies of scale.

“This acquisition is a perfect reflection of Treetop’s long-term commitment to high-quality, mission-driven affordable housing,” said Azi Mandel, Managing Partner at Treetop Companies. “These are well-built, elderly-designated communities with stable occupancy and minimal capital needs. As we continue expanding in the affordable sector, we remain focused on creating consistent value for our investors while preserving homes for seniors who need them most.”

The properties — Canton Towers, Riverside Towers, and Buckeye Towers — each offer mid/high-rise layouts that reduce maintenance costs and improve long-term operational performance. The portfolio benefits from a 10-year Freddie Mac loan at 5.85% with five years of interest-only payments.

“This deal is emblematic of the type of opportunities we seek — stable cash flow, durable government-backed income, and the ability to unlock long-term upside,” said Adam Mermelstein, Managing Partner at Treetop Companies. “HUD-backed senior housing remains one of the most resilient asset classes in real estate, and with growing bipartisan support for expanding the Low-Income Housing Tax Credit program, we believe demand for portfolios like this will only increase.”

Treetop Companies was represented by Ami Mandel of Fried Frank. Andrew Daitch of Newmark Affordable Housing Advisors served as the sales broker, and Joe Hercenberg of Walker & Dunlop arranged the Freddie Mac financing.

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