NEW JERSEY—Tryko Partners LLC, based in Brick, N.J., has paid $16.1 million to acquire a multifamily property in Camden. Marcus & Millichap Real EstateServices’ Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and forged a marketing effort on behalf of the seller, a New Jersey-based limited liability company.
Totaling 392 units, theis within a few miles of bridges heading into Philadelphia, Pa. Built in 1950, the property has a mix of one- and two-bedroom units. According to a statement, the new ownership plans capital improvements, including new windows, boilers, kitchens, bathrooms and landscaping.
“The buyer and seller worked together to navigate through bureaucratic issues, including a challenging assumption of a payment in lieu of taxes (PILOT) agreement,” said MacLaren.