Healthcare

Tryko Partners has expanded its northern New Jersey skilled nursing and assisted living real estate portfolio with the acquisition of The Allendale Community for Senior Living, a 299-bed facility had been family owned for more than 50 years. The two-story, 146,000-square-foot Allendale Community for Senior Living building includes three sections: Allendale Nursing Home (skilled nursing), Carlton Court (memory care) and The Atrium (assisted living). The facility’s primary referral source for short-term residents is The Valley Hospital in Ridgewood. In addition, Allendale draws admissions from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center. A significant capital improvement program is planned for The Allendale Community for Senior Living. This facility sits in the heart of one of New Jersey’s most affluent communities, and the planned renovation will focus on creating a luxurious, hospitality-focused environment in keeping with the location.

“Allendale is a well-respected, legacy-owned property – one poised to remain a regional market leader. The sale process was highly amicable and enjoyable, thanks to the Giancarlo family, which built this property in the late 1960s and has a sterling reputation in the industry. We look forward to supporting Allendale’s next chapter.” Uri Kahanow, Director of Acquisitions, Tryko Partners

Tryko Partners has expanded its Rhode Island skilled nursing portfolio with the acquisition of Scalabrini Villa, a 120-bed facility in North Kingstown. Located at 860 N. Quidnessett Road, the bucolic property fronts on Narragansett Bay. The site, itself, has a deep history. In the mid-1800s, the land was owned by textile mill owner Crawford Allen, who gifted it to his daughter, Anne, when she married John Carter Brown, son of Nicholas Brown, Jr., the namesake patron of Brown University. The Browns donated it to Rhode Island Hospital, and the property was home to a children’s hospital for decades. In 1956, Bishop John Baptist Scalabrini purchased the property, opening The Bishop Scalabrini Home for the Aged. Scalabrini Villa was constructed and opened in 1994. The one-story facility contains two 60-bed units, each with 12 private rooms and 48 semi-private rooms. The Ocean unit provides memory care services, and the Country unit features long-term and sub-acute care. A significant capital improvement campaign is planned under Tryko’s ownership.

“North Kingstown’s enviable demographics and deep regional hospital network contributed to this opportunity’s appeal. Scalabrini Villa is well positioned to serve as a market-leading facility for decades to come.” Uri Kahanow, Director of Acquisitions, Tryko Partners