PHILADELPHIA, Jan. 24, 2020 – Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing center in northeast Philadelphia. The facility, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is slated for substantial improvements under the new ownership.
Located at 7800 Bustleton Avenue, Roosevelt Rehabilitation & Healthcare Center provides post-hospital care, short-term rehab and long-term residential care. The four-story building sits on approximately 1.8 acres in the Lexington Park neighborhood, less than a five-minute drive from the 133-bed Nazareth Hospital.
“Tryko has made similar investments in two other area skilled nursing facilities – Kearsley Rehabilitation & Nursing Center in Philadelphia and Providence Rehabilitation & Healthcare Center in Yeadon,” said Tryko’s Uri Kahanow, director of acquisitions. “We remain focused on expanding within this appealing market. Roosevelt Rehabilitation & Healthcare Center’s prime location and our existing facilities’ established strong relationships within the regional healthcare community made it an ideal addition for our portfolio.”
Renovations to the Roosevelt physical plant will include the addition of a state-of-the-art therapy gym, updates to a significant portion of patient rooms and common spaces including a second-story patio, and upgraded mechanical systems. “Our multi-million-dollar renovation, combined with strong operational talent, will modernize Roosevelt and position this facility as a premiere destination for skilled nursing and sub-acute care in the region,” added Kahanow. “We are confident the facility’s residents and the community it serves will benefit from our investment.”
Roosevelt Rehabilitation & Healthcare Center has retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. The highly skilled and vision-driven nursing home administrative services company currently supports Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds, as well as more than 2,000 independent living units. Together with a carefully assembled team of clinical, compliance and financial consultants, Marquis and Roosevelt will create specialized programming to better meet local healthcare needs. This includes immediate plans to expand the facility’s services with enhancements to its dedicated onsite dialysis center.
In addition to investing in skilled nursing facilities, Brick, N.J-based Tryko Partners also purchases multifamily properties and tax liens along the Eastern Seaboard and in the Midwest. Founded in 1989, the company has established successful, long-term partnerships with both individual and institutional investors, as well as a wide network of relationships with financing entities.