PRLog - Feb. 29, 2012 - BRICK, N.J. -- Private equity real estate group Tryko Partners, LLC has announced its acquisition of Perrywood Garden, a 184-unit affordable housing rental property in Aberdeen. The eight-building, garden-style community sits on 18 acres at 301 Mayberry Drive.
Built in 1971, Perrywood Garden has a project-based Housing Assistance Payment Contract in place for 100 percent of its units. The property includes mostly two-bedroom residences, with some one-bedroom homes. Amenities include an outdoor pool, basketball courts, children's playground, ample on-site parking and laundry facilities in each building. Residents benefit from abundant local restaurants, shopping and services.
"Perrywood Garden sits in an excellent market for multifamily, with several neighboring market-rate rental properties that maintain occupancies in the high 90 percent range," noted Uri Kahanow, director of acquisitions for Tryko Partners. "The previous ownership focused significant attention on its upkeep, a practice that we will continue while working to enhance the property's operational efficiency."
Aberdeen is home to the 45,000-acre Aberdeen Proving Ground, the headquarters for the United States Army Testing and Evaluation Command. Located in Harford County, the municipality offers access to major employment centers - 30 miles north of Baltimore and 35 miles south of Wilmington, Delaware.
"Aberdeen is an attractive location for commuters, which contributes not only to its strong rental performance but also to its appeal for investors like Tryko Partners," Kahanow noted. "Additionally, the town is located in the heart of our strategic market. We have several properties in Baltimore and recently acquired a community in Harrisburg, Pa. Perrywood Garden sits directly in between the two cities. It is an ideal fit for our portfolio."
Ridge MacLaren, Andrew Townsend, and Clarke Talone from Marcus & Millichap in Philadelphia brokered the Perrywood Garden transaction. After the projected value add the property should yield a cap rate of 9 percent. "This transaction reflects the favorable financing terms and cap rates that are available for established organizations in today's market," said Chad Buchanan, Tryko's vice president of investments. "Within this context, we see this as an excellent time to pursue additional opportunities."
The Perrywood Garden acquisition continues an aggressive period of growth for Tryko Partners. The Brick, N.J., firm has nearly doubled its multifamily holdings and substantially grown its skilled nursing ownership over the past year. Established in 1989, Tryko today maintains a 4,300-unit residential portfolio. The organization purchases multifamily properties, healthcare facilities, and tax liens throughout the Northeast - including Pennsylvania, New Jersey, New York, Maryland and Delaware - and the greater Chicago market in the Midwest.
# # #
About Tryko Partners: Headquartered in Brick, N.J., Tryko Partners is a private equity real estate group active in the acquisition of multifamily properties, healthcare facilities, and tax liens throughout the Northeast and Midwest. Established in 1989, Tryko focuses on establishing successful, long-term partnerships with both individual and institutional investors. Tryko's current portfolio includes more than 4,300 residential units, more than 1,000 skilled nursing beds, and over a $100 million tax lien portfolio.