NEW JERSEY—Treetop Development, based in Teaneck, N.J., has acquired 404 one- and two-bedroom townhome-style rental residences spanning 23 two-story buildings in Bellville for $39 million.

The property, which spans 17.5 acres, adds to Treetop Development’s footprint in Essex County where the company counts 3,000 homes in its portfolio.

The new ownership plans to embark on a $4 million capital improvement program to its 70 unoccupied homes and grounds. Improvements will include upgraded electric, new roofs and updated landscaping. Home upgrades will include hardwood flooring, new cabinetry, new kitchen appliances and renovated bathrooms.

Mortgage banking firm HFF's Floral Park, N.J. team was the broker for the transaction.