Tryko Partners Acquires Philadelphia Retirement Community
Purchase of Kearsley Campus Continues Firm's Aggressive Growth Campaign.
- Philadelphia, PA-NJ (1888PressRelease) July 15, 2011 - Private equity real estate group Tryko Partners, LLC of Brick, N.J., has acquired a West Philadelphia property recognized as the nation's first retirement community. The $8 million purchase includes age-restricted rental housing at Kearsley Apartments and Kearsley Square, and skilled nursing services at Kearsley Long Term Care. The Kearsley campus had been part of the NewCourtland Network since 2004.
Overlooking the Bala Golf Course, all three properties are located on a 13-acre campus at 2100 N. 49th St.
Kearsley Apartments features HUD affordable housing in 87 studio and one-bedroom apartments. One of its two buildings dates back to 1861; the second was constructed in 1981. Kearsley Square, built in 1986, includes 60 market-rate studio apartments. Residents can opt to receive in-home services, as needed, from UPenn LIFE, a program of the University of Pennsylvania School of Nursing. The campus offers a number of on-site amenities, and provides convenient access to neighborhood shopping and public transportation.
Kearsley Long Term Care includes 84 beds, all with views of the sprawling campus grounds. Built in 1995, the state-of-the-art nursing home previously focused on Medicaid recipients; the new ownership will also expand the current services to accommodate Medicare patients. The property will be operated by Tryko ManagCare, a partnership of Tryko Partners and Chicago-based ManagCare, Inc., expanding its shared portfolio to nearly 1,600 beds at nine properties.
"The Kearsley campus provides a desirable range of options for seniors, from affordable housing, to in-home services for those who need them, to skilled nursing," noted Uri Kahanow, Tryko's director of acquisitions.
Kahanow added that the campus is uniquely suited to Tryko Partners, which specializes in both multifamily and nursing home ownership and operation. "Many companies target one niche or the other, but our dual focus makes the Kearsley campus a natural fit," he said. "Additionally, our multifamily portfolio includes a large affordable housing component."
The off-market purchase of the Kearsley campus continues Tryko Partners' aggressive, targeted growth in the Mid-Atlantic region. The company recently closed on properties in New Jersey, Pennsylvania and Maryland, and has nearly 1,000 additional units under contract.
"We previously have been involved in the Philadelphia market and are looking to again grow our presence locally," Kahanow noted. "The region's dense population and multiple healthcare facilities make it attractive from both multifamily and nursing home investment perspectives."
Tryko Partners maintains a 3,650-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. Established in 1989, Tryko focuses on establishing successful, long-term partnerships with both individual and institutional investors.
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