CHESTER, PA – Tryko Partners, LLC has added Palmerhouse Apartments in Chester to its growing affordable housing portfolio. The private equity real estate firm, based in Brick, N.J., purchased the 124-unit, age-restricted rental community from its long-time owner, Hy Companies, in early October.
Located on two acres at 1420 Esrey Street, Palmerhouse Apartments was constructed by the seller in 1983. Residents there enjoy onsite tenant lounges, meeting and crafts rooms, and laundry facilities, as well as intercom-controlled access. The property benefits from a central location just 15 miles southwest of downtown Philadelphia. It is located within one mile of Crozer-Chester Medical Center and Widener University.
Tryko Partners, which is recognized as a leader in the affordable housing acquisition and rehabilitation niche, specializes in senior Homeowners Assistance Program (HAP) transactions. The firm will invest in significant common area upgrades at Palmerhouse Apartments. “Hy Companies has done an excellent job operating and maintaining this property since the beginning,” noted Tryko’s Uri Kahanow, director of acquisitions. “We look forward to continuing – and enhancing – its tradition of providing hands-on management and quality, lower-cost housing for the region’s senior population.”
Nearby, Tryko owns the Kearsley campus; that West Philadelphia property is recognized as the nation’s first retirement community. Kearsley Apartments, which dates back to 1861, features age-restricted affordable housing. The 13-acre property also includes age-restricted market-rate rentals at Kearsley Square and skilled nursing services at Kearsley Rehabilitation and Healthcare Center.
Chad Buchanan, Tryko’s chief investment officer, noted that Community Preservation Corp. provided mortgage financing for the acquisition through its Freddie Mac Seller-Servicing lending platform. “Chris Hooke and his team at CPC are always a pleasure to work with from both a customer service and an execution perspective,” he said. “This transaction was no exception.”
The purchase continues an aggressive period of growth for Tryko Partners. Affordable Housing Finance recognized Tryko among the nation’s top 10 companies for completing both acquisitions and rehabilitations in its 2012 and 2013 rankings. Multifamily Executive in 2013 recognized Tryko among the nation’s top renovators. Established in 1989, the firm currently maintains a residential portfolio with more than 5,000 units. The organization invests in multifamily properties, healthcare facilities, and tax liens throughout the Northeast including Pennsylvania, New Jersey, New York, Maryland, Massachusetts and Virginia.