Monday, November 12, 2018

Tryko Partners Acquires Affordable Housing Complex in Chester, PA

by Steve Lubetkin,
Tryko Partners has added 150 affordable senior housing units to its portfolio with the addition of Robert H. Stinson Tower in Chester, PA. The private equity investment group this fall acquired the 13-story building at 1501 Arbor Drive.

“Tryko has a strong presence in the regional market, including Philadelphia, its suburbs and Southern New Jersey,” says Uri Kahanow, the firm’s director of acquisitions. “This includes multifamily – with a blend of senior and traditional, affordable and market rate – as well as skilled nursing and assisted living. Robert H. Stinson Tower was a logical fit in terms of both location and product type, as senior affordable housing continues to be an attractive sector for investment.”
Tryko’s planned improvements for the property include immediate upgrades to its elevator cabs, to be followed by additional renovations to systems, units and grounds.

Wells Fargo Multifamily Capital, through its Fannie Mae execution, provided financing for the Robert H. Stinson Tower acquisition.

Based in Brick, NJ, Tryko purchases multifamily properties, healthcare facilities and service entities, and tax liens along the east coast and in the Midwest. Today Tryko owns more than 7,200 residential units, including more than 4,425 affordable housing units and multiple age-restricted properties.
The organization has grown its real estate and healthcare portfolios by identifying recovering markets and maximizing investor returns through diligent acquisitions, hands-on management and value-added capital improvements.

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