Public-Private Partnership Yields Enhanced Quality of Life at Affordable Housing Community
CAMDEN, N.J. – Tryko Partners has announced the sale of Crestbury Apartments in Camden. The private equity investment firm purchased the 392-unit multifamily property in 2013, supported by a PILOT program awarded by the City of Camden.
Tryko Partners, which specializes in affordable-housing turnarounds, invested $3.6 million in the once-troubled community, completing a successful transformation with in-depth involvement of city officials. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; new, energy-efficient furnaces, windows and roofing; updated flooring; a playground; and upgraded lighting, landscaping and sidewalks.
“From the outset the City of Camden was a great partner in the effort to create a better living environment and a stronger overall sense of community at Crestbury Apartments,” noted Uri Kahanow, Tryko’s director of acquisitions. “Today, this property illustrates how successful public/private partnership can enhance quality of life, peace of mind and community pride.”
Marcus & Millichap represented Tryko Partners in the property’s $34.5 million sale (more than double Tryko’s purchase price). An affiliate of Lincoln Avenue Capital LLC purchased the asset. Located on approximately 18 acres at 2552 South 8th Street, the property offers one- and two-bedroom apartment homes. It sits just minutes from both the Walt Whitman and Ben Franklin Bridges, Cooper Hospital, Campbell’s Soup Headquarters and the Camden Waterfront.
Based in Brick, N.J., Tryko Partners invests in multifamily properties, healthcare facilities and tax liens along the Eastern Seaboard and in the Midwest. Tryko, which focuses on establishing successful, long-term partnerships with both individual and institutional investors, maintains a current portfolio of more than 7,200 multifamily units. This includes market-rate, age-restricted and affordable-housing properties.