Tryko Partners’ long-term investment approach, hands-on management and operations, and track record for successfully repositioning multifamily assets reflect a belief that, in order to preserve housing for the long term, it is necessary to invest in and support our residents, properties and neighborhoods. With every new acquisition we see an opportunity to create a vibrant community by taking the property to a higher standard of living. We have implemented progressive capital improvement programs throughout our portfolio. We take pride in our work toward sustainability. By implementing energy-efficient upgrades and programs that include energy retrofits and high performance appliances, we have effectively – and significantly – reduced consumption at our properties.
Today we own more than 7,200 multifamily units, including market-rate, age-restricted and affordable-housing properties.
Pemberton Manor Warms up Winter with “Cocoa, Cookies and Crafts" Celebration (Salisbury, Md.)
As part of its wide-ranging, community-building programming, Pemberton Manor in Salisbury, Md., recently partnered with the Salisbury Police Department to host a youth-focused “Cocoa, Cookies and Crafts” winter celebration for residents. More than 60 children joined in the get-together at the property, which is owned and operated by affiliates of Tryko Partners. The children visited with McGruff the Crime Dog® and took photos alongside him at a mini pop-up photo studio in the Pemberton Manor community room. In addition, attendees decorated – and enjoyed sampling –sugar cookies, and participated in other craft activities with members of the Salisbury Police Department. Cross Pointe Nazarene Church donated gifts for the children. Located on 60 acres, Pemberton Manor features 19 brick-clad, garden-style buildings. Its 209 one-, two- and three-bedroom residences include both market-rate and HUD affordable housing units.
“From the very start, we have made community building a priority, both within Pemberton Manor itself and with the larger Salisbury community as a whole. Central to our success in doing that through the years have been our strong partnerships with the mayor and city council, and community organizations, and the innovative programs we continue to develop in partnership with them.” Moe Krohn, Regional Manager, Tryko Partners
Following Property Transformation, Tryko Sells Crestbury Apartments in Camden
Tryko Partners has announced the sale of Crestbury Apartments in Camden, N.J. The firm purchased the 392-unit multifamily property in 2013, supported by a PILOT program awarded by the City of Camden. Tryko Partners 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. Marcus & Millichap represented Tryko Partners in the property’s $34.5 million sale (more than double Tryko’s purchase price). Located on approximately 18 acres at 2552 South 8th Street, the property offers one- and two-bedroom apartment homes.
“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. Today, this property illustrates how successful public/private partnership can enhance quality of life, peace of mind and community pride.” Uri Kahanow, Director of Acquisitions, Tryko Partners
Tryko Partners Sells Marble Hall Gardens in Baltimore
Tryko Partners sold Marble Hall Gardens in Baltimore following a successful 10-year investment cycle. The 14-building, 390-unit rental community is located at 4200 Loch Raven Blvd. Marble Hall Gardens benefits from a desirable location just off Route 542, a major corridor providing direct access to downtown Baltimore, near Morgan State and Johns Hopkins universities. The property is more than 98 percent leased, including a 97-unit master lease with Morgan State. The sale price was more than double the purchase price paid by Tryko Partners in 2007. The same attributes that attracted the company helped to secure the new buyer, according to Uri Kahanow, Director of Acquisitions. Greysteel represented Tryko Partners in the strategic disposition.
“The multifamily market in Baltimore remains strong. Within it, Marble Hall Gardens’ appeal to both student and traditional renters has contributed to a strong occupancy history, which makes it a strong investment target.” Uri Kahanow, Director of Acquisitions, Tryko Partners
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