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.
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
Tryko Initiatives at Perrywood Gardens Upgrade Property and Build Community (Aberdeen, Md.)
When Tryko Partners, LLC purchased Perrywood Gardens, the company recognized the challenges facing the Aberdeen affordable-housing apartment complex. The property’s eight garden-style buildings and 184 homes needed repairs and, of equal concern, Perrywood Gardens had established a reputation for poor resident quality of life. Tryko immediately installed new roofs and siding; replaced and repaired obsolete systems and broken water pipes; and remedied site grading, drainage and water runoff issues. More recently, the firm incorporated a new fluorescent lighting program in parking areas and at building entrances, replaced entryways throughout the property, and upgraded resident amenities. Notably, Tryko installed a new playground and swing set; replaced hoops and resurfaced the basketball court; repaired and reopened the community pool; and fully renovated the community room. Today Perrywood Gardens has been transformed – thanks to these physical improvements and the introduction of youth and adult programming initiatives geared toward building a stronger community.
“Our management and staff are committed to assisting residents in many capacities, and thanks to the cooperation of neighborhood leaders and community organizations we have implemented a number of successful enrichment programs at Perrywood Gardens. Every member of our team is dedicated to helping this property reach its full potential, and the progress we have made is inspiring us to keep moving forward toward that goal.” Moe Krohn, Regional Asset Manager, Tryko Partners
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