Tryko nearly doubled its affordable housing portfolio in 2011, purchasing four affordable housing properties with 884 units. In every case, the firm immediately launched an aggressive capital improvement program.
"While some REITs and larger funds might shy away from value-add opportunities today, we look at properties that require more than cosmetic improvements,"
As a hands-on operator, Tryko strives to create a sense of community at its properties. For example, as part of its Neighborhood Pride Program the firm implements a full range of beautification programs in an effort to engender community pride among its residents. This includes maintaining landscaped pedestrian walkways that have curb appeal, among other measures, and encouraging residents to get involved.
"We assist residents in any capacity possible, and we have had great success in working with neighborhood leaders and community organizations that help residents who need it," Kahanow said. "In short, this approach reflects our belief that, in order to preserve housing for the long term, it is necessary to invest in and support residents and the larger community."
Tryko currently owns and manages 1,605 affordable housing units and expects to add approximately 1,000 additional residences in this niche during 2012. Tryko Partners' most recent multifamily acquisitions have taken place in New Jersey (Barclay Arms in Atlantic City), Pennsylvania (Kearsley Apartments in Philadelphia, Harrisburg Park in Harrisburg, and a HUD portfolio spanning Pittsburgh and New Castle) and Maryland (Pemberton Manor in Salisbury). Tryko continues to seek opportunities to increase market share in the Northeast and Midwest, and is looking toward strategic expansion in additional key markets nationwide.
To accommodate this growth, Tryko over the past year has added a notable amount of talent, both at the property management and investment levels. According to Kahanow, the result has brought a wealth of fresh ideas and new thinking that will benefit the firm as it continues to expand in the affordable housing arena. Established in 1989, Tryko Partners today maintains a 4,300-unit residential portfolio. The organization purchases multifamily properties, healthcare facilities and tax liens.