News
ATLANTIC CITY JACKPOT
February 2, 2012
| A New Jersey equity fund is adding to its multifamily ranks in what it hopes are triple 7's in Atlantic City. |
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| Tryko Partners has purchased Barclay Arms (above), a 75-unit affordable housing apartment complex at 814 N Virginia Ave with a 90% occupancy. Tryko paid an undisclosed sum for the property to owner Max Gurwicz Enterprises. It's the latest multifamily buy for Tryko in recent months, including Philly's Kearsley Apartments and Fox Hill Apartments in Monroeville. The company also is buying nursing homes and has more than 650 housing units under contract. |
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| Above is Kearsley Long Term Care in Philly, recently purchased by Tryko as part of its healthcare sector targets. We chatted this morning with Tryko's Uri Kahanow and Chad Buchanan about where they go from here in 2012. And clearly, the focus will continue to be on value-add apartments and skilled nursing facilities. But the market scope is widening to include places like Connecticut, Rhode Island, and the heated multifamily DC and VA markets. Uri says Tryko's investors (family money, high-net-worth individuals, and probably no Bisnow reporters) are willing to spend more on apartments. Despite that, valuation among sellers is more realistic today than it has been in the past two years. “A lot of the deals you saw before the bubble were based on future projections and future dreams and sometimes unrealistic value-add,” he says. |
