Multifamily
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 7,000 multifamily units, including market-rate, age-restricted and affordable-housing properties.
Tryko Partners, Presbyterian Senior Living Enter Contract of Sale for Properties in Allentown, Pa., and Baltimore
Tryko Partners and Presbyterian Senior Living (PSL) have entered a contact of sale under which Tryko will acquire Westminster Village, a 178-bed, four-star-rated continuing care retirement community in Allentown, and Heritage Run, a 34-unit independent living rental community in Baltimore. Upon the anticipated summer 2021 closing, Tryko will launch a capital improvement program to fully modernize Westminster Village, supporting its future as a top destinations for sub-acute rehab, long-term care, personal care and independent living in the greater Allentown area. Heritage Run was constructed in 2014 in the Stadium Place master planned development, former site of Memorial Stadium. Heritage Run provides well-appointed senior housing apartment living for adults age 62 and over, at market rental rates to the surrounding Baltimore community.
“Presbyterian Senior Living has been honored to serve those who live and work in the Allentown and Baltimore communities. We appreciate the support of amazing staff and volunteers that have made Westminster Village and Heritage Run what they are today. Over its 94-year history, PSL has diversified our services and portfolio of offerings as the needs of older adults have changed. This sale to Tryko Partners is consistent with that direction and will assure a continued presence of service to seniors in the east Allentown and Baltimore communities.” Jim Bernardo, PSL president and chief executive officer
Pittsburgh Housing Authority Commits Funding to Tryko Redevelopment Project
The Housing Authority City of Pittsburgh (HACP) has committed approximately $1.6 million in gap financing funding, along with 24 project-based Section 8 vouchers, for Tryko Partners’ Cedarwood Homes redevelopment at the corner of Broadhead Fording and Village Road in Pittsburgh. Tryko was recently selected as developer of choice by the Urban Redevelopment Authority of Pittsburgh to transform the former Fairywood School site in the City’s west end into affordable townhomes for seniors aged 62 and over; the project will anchor a larger neighborhood revitalization initiative. The Cedarwood Homes redevelopment plan includes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. The transit friendly complex will include a community building with extensive programming planned.
“This commitment from HACP, along with the inclusion of seven market rate, non-income restricted homes, will enable Cedarwood Homes to serve the entire range of community residents. We are proud to provide the City’s most disadvantaged seniors with the opportunity to live in newly constructed, quality housing and access to essential support services.” Isaac Sassoon, Esq., senior vice president at Tryko
Pittsburgh URA Names Tryko Partners Developer of Choice for Fairywood Redevelopment
The Urban Redevelopment Authority of Pittsburgh has selected Tryko Partners as developer of choice to redevelop the former Fairywood School site in the City’s west end. Tryko’s winning proposal will transform the vacant property into affordable townhomes for seniors aged 62 and up as part of a neighborhood revitalization initiative. Tryko’s plan includes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income, as well as seven market rate, non-income restricted homes. Ample parking will be provided as well as a community building, where residents will be able to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services designed to enable seniors to age in place.
“What is most important to me is what is important to the community. There are many seniors living in Fairywood who are saddened to leave because they can no longer maintain their homes. This development is crucial to making it possible for residents to stay. The people of this community selected Tryko because it was clear they listened and captured everything the community wanted in the design.” City of Pittsburgh Council President Theresa Kail-Smith
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