BRICK—With the January acquisition of Barclay Arms in Atlantic City, private equity real estate group Tryko Partners LLC nearly doubled its multifamily portfolio and substantially grew its skilled nursing holdings. The Brick-based firm has added more than 1,800 residential units and 200 nursing home beds, with another 680 housing units under contract to close during the first quarter of 2012.
Tryko Partners’ latest purchase includes 75 affordable housing apartments. Barclay Arms offers two-, three-, and four-bedroom, garden-style residences, and maintains occupancy in the high 90 percent range. Tryko Partners bought the property from Max Gurwicz Enterprises in an off-market sale.
Tryko Partners’ recent multifamily acquisitions all have taken place in New Jersey (Barclay Arms in Atlantic City), Pennsylvania (Kearsley Apartments and Kearsley Square in Philadelphia, Fox Hill Apartments in Monroeville, Harrisburg Park in Harrisburg, and a HUD portfolio spanning Pittsburgh and New Castle) and Maryland (Loch Raven in Baltimore and Pemberton Manor in Salisbury). Its skilled nursing portfolio has expanded along the northeast corridor (Kearsley Long Term Care in Philadelphia and Coyne Healthcare Center in Rockland, Mass.). Its pending purchases fall within this targeted geographic area as well.