Tryko Partners Acquires Harrisburg, Pa., Multifamily Asset
Harrisburg Park "Makes Strategic Sense" for Growing Regional Portfolio.
- Harrisburg-Lebanon-Carlisle, PA (1888PressRelease) January 04, 2012 - Tryko Partners, LLC, has added Harrisburg Park, a 163-unit, garden-style apartment complex in Harrisburg, to its growing regional portfolio. The private equity real estate group acquired the property on South 15th Street from The Altman Group in late December.
Harrisburg Park, comprised almost entirely of project-based affordable housing units, includes one-, two- and three-bedroom residences, with on-site laundry, central air conditioning, mature landscaping and ample parking. The property is within walking distance to the Capital Area Greenbelt, a 20-mile scenic walking/jogging trail.
"We recognized a great value-add opportunity in Harrisburg Park," noted Uri Kahanow, director of acquisitions, who represented his firm in the transaction. "Our immediate plans will focus on improving operational efficiencies and fostering tenant retention." Marcus & Millichap served as broker for the seller.
Tryko Partners currently owns both conventional and affordable housing in Pennsylvania and Maryland, with 11 properties totaling 2,200 units - more than half of its portfolio - in the two states. "Harrisburg is central on the Pennsylvania-Maryland corridor, which has become a geographic focus for our firm," Kahanow said. "Gaining a foothold there makes strategic sense."
Tryko Partners secured financing for Harrisburg Park from New York-based Community Preservation Corporation (CPC), which specializes in affordable housing. "CPC has a great reputation within its arena," said Chad Buchanan, Tryko's vice president of investments. "We are pleased to have successfully partnered with the firm for this project despite today's challenging financing climate."
Headquartered in Brick, N.J., Tryko Partners maintains a 4,200-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. Established in 1989, Tryko focuses on establishing successful, long-term partnerships with both individual and institutional investors.
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