170-Unit Asset Provides HUD-Subsidized Apartments for Independent Seniors
LEVITTOWN, PA – May 29, 2012 – (RealEstateRama) — Private equity real estate group Tryko Partners, LLC has added Galilee Village in Levittown to its growing multifamily portfolio. The 170-unit asset, located at 17 Penn Valley Road, provides HUD-subsidized apartment living for independent seniors.
Tryko Partners purchased Galilee Village from Congregation Beth El, which built the property, in an off-market transaction.
Galilee Village includes two components. The 120-unit Village includes traditional apartment living with efficiencies and one-bedroom units. The 50-unit Pavilion combines studio-style residences and services that assist with activities of daily living, including meals, transportation and an on-site social worker. The property is 98 percent occupied.
Tryko Partners plans to renovate kitchens and replace windows in all of the units, and will upgrade sidewalks and parking lots, among other improvements. “Galilee Village already shows well, and we look forward to further improving the quality of its accommodations,” noted Uri Kahanow, Tryko’s director of acquisitions. “Congregation Beth El has been extremely dedicated to Galilee Village residents throughout the years, and we are committed to continuing that tradition.
“We are especially pleased to have gained a foothold in Levittown, which is a terrific suburban market just outside of Philadelphia,” he added. “We are familiar with the area and have been looking for local opportunities for some time. This property is a true fit for us.” In addition to traditional multifamily product, Tryko Partners is deeply involved in both the affordable housing and senior living niches. Last year, the firm acquired the Kearsley campus in Philadelphia, which includes age-restricted rental housing (including some HUD units) as well as skilled nursing services.
According to Chad Buchanan, Tryko’s vice president of investments, the Galilee Village purchase included a number of challenges. “As always, the pool of lenders that truly understand the affordable housing niche is limited, and we are fortunate to have fostered strong financing relationships with groups that do ‘get it,’” he said. “Additionally, beyond the inherent complexities of working through HUD agency approvals, in the case of Galilee Village we also were making the purchase from a not-for-profit. Simply put, this deal had a large number of moving parts. It was gratifying to see them all come together.”
The Galilee Village 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. Additionally, Affordable Housing Finance recognized Tryko among the nation’s top 10 companies for completing both acquisitions and rehabilitations in its 2012 ranking. Established in 1989, Tryko today maintains a 4,650-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.
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