Tryko Acquires Plainfield, N.J., Affordable Housing Property
Firm Will Launch Capital Improvement Program at 96-Unit Liberty Village
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.