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Tryko Acquires Plainfield, N.J., Affordable Housing Property

Firm Will Launch Capital Improvement Program at 96-Unit Liberty Village

 
PRLog - Jul. 8, 2014 - Tryko Partners, LLC (http://www.tryko.com/) has added Liberty Village in Plainfield to its multi-family housing portfolio. The private equity real estate group purchased the apartment property at 205 Liberty Street in early July, continuing its targeted, aggressive growth in the affordable housing sector.

Liberty Village includes 96 project-based, Section 8 Homeowners Assistance Program (HAP) residences, which range in size from one to four bedrooms. Tryko Partners will immediately launch a capital improvement campaign there, renovating parking lots and sidewalks, adding a laundry facility and community room, and upgrading the electrical infrastructure throughout the property.

According to Tryko Partners' Uri Kahanow, director of acquisitions, the property was a natural fit for the Brick, N.J., firm, which maintains a strong regional affordable housing presence. "This is a well-located, attractive property right in our home market," Kahanow said. "The seller appreciated our experience in the affordable housing sector, and we worked closely with the city to develop a program of improvements that will benefit residents and strengthen the property as a good neighbor for the Plainfield community."

Tryko Partners secured financing for the acquisition through Community Preservation Corp. (CPC). "We have a great relationship with CPC going back a few years now on the affordable side of our business," noted Chad Buchanan, Tryko Partners' chief investment officer. "Our whole team there - Chris Hooke, Doug Olcott and Jessica Mui - were patient on this one, as we had to wait for a number of pieces to fall into place before closing. They always provide excellent customer service and execution. The Liberty Village transaction was exemplary."

Affordable housing acquisitions and upgrades represent a key niche for Tryko Partners. Affordable Housing Finance has recognized the firm among the nation's top 10 companies for completing both acquisitions and rehabilitations three years in a row, and Multifamily Executive named Tryko among the nation's "Top 25 Renovators" in both 2013 and 2014.

Today, Tryko Partners maintains a growing residential portfolio with more than 6,000 market-rate and affordable-housing rental units. Established in 1989, the organization invests in multi-family properties, healthcare facilities, and tax liens throughout the Northeast - including New Jersey, New York, Maryland, Massachusetts, Ohio, Pennsylvania and Virginia.

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Source:Tryko Partners
Industry:Real Estate
Tags:multifamily, Real Estate
Shortcut:prlog.org/12345990
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