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Perrywood Gardens Marks Progress Five Years After Ownership Change

| February 2, 2017 | 0 Comments

Tryko Partners
575 Route 70, 2nd Floor
Brick, N.J. 08723

Media Contact: Sandy Crisafulli / sandy@caryl.com / (201) 796-7788 / @carylcomm

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ABERDEEN, Md., Feb. 2. 2017 – When Tryko Partners, LLC purchased Perrywood Gardens in early 2012, the private equity investment group recognized the challenges facing the Aberdeen affordable-housing apartment complex. The troubled property’s eight garden-style buildings and 184 homes needed repairs and, of equal concern, Perrywood Gardens had established a reputation for poor resident quality of life.

A lot has changed since then, according to Tryko Partners’ Moe Krohn, regional asset manager. In fact, five years after its ownership transition, Perrywood Gardens has been transformed – through a series of repositioning efforts geared toward improving physical assets and building a stronger community.

“Once we came on board and really saw the extent of the property’s issues, we focused immediately on addressing the most adverse conditions,” Krohn said. “This included installing new roofs and siding; replacing and repairing obsolete systems and broken water pipes; and remedying site grading, drainage and water runoff issues.”

More recently, the firm incorporated a new fluorescent lighting program in parking areas and at building entrances, and replaced entryways with concrete landings and vinyl composite tile flooring. Property amenities have been upgraded as well. Last summer, Tryko installed a new playground and swing set for Perrywood Gardens’ youth. The firm has also replaced hoops and resurfaced the basketball court, repaired and reopened the community pool, and fully renovated the community room.

“We have made great strides,” Krohn noted. “Our recreational facilities, especially, have been really well received. It is great to see the kids playing outside, and we already are looking forward to next summer and another successful pool season.”

On the policy side, new parking regulations are in place and strictly enforced. Perrywood Gardens management also has strengthened the community’s relationship with local law enforcement, and works closely with a designated liaison to ensure a safer environment for residents than in the past.

“When a true collaborative partnership exists that bridges law enforcement and the community, we all win,” said Hartford County Sheriff Jeffrey Gahler. “The Sheriff’s Office has been proud to work closely with Tryko Partners to create a safe place for the residents of Perrywood Gardens to call home.”

NOT JUST A PLACE TO LIVE 

Tryko Partners’ efforts have extended beyond creating a more attractive and comfortable place to live. “We work to engender a sense of community and neighborhood pride at all of our affordable-housing properties,” Krohn explained. “Our management and staff are committed to assisting residents in many capacities, and thanks to the cooperation of neighborhood leaders and community organizations we have implemented a number of successful enrichment programs at Perrywood Gardens.”

For example, Perrywood Gardens has an ongoing partnership with Churchville, Md.-based Helping Hands Ministries (HHM), which hosts a “Good News Club” that offers basic instruction, educational and recreational activities, meals and gifts for children and teens ages 3 to 16. Additionally, The Harford County Public Library’s Rolling Reader visits the property monthly, and children can select books designed to strengthen their interest and skills in literacy. Perrywood Gardens management also launched a new 4H program at the property in December; that group meets twice monthly. And Extreme Family Outreach comes to the property weekly to provide entertainment for children.

For adults, a community job board is continually updated with local employment opportunities. Currently, the Perrywood Gardens staff is working with HHM to develop a new adult workshop program with an anticipated spring launch.

Several successful initiatives at Perrywood Gardens will return in 2017. Among them, a fall social festival – featuring games, programs and refreshments co-sponsored by local charities, community service groups and businesses – will be repeated in the spring. This summer, property management will again host mid-day meals with the Harford County Department of Public Schools; last year the program provided more than 50 lunches per day for Perrywood Gardens children.

“The positive relationship between our management team and Perrywood Gardens’ residents continues to evolve, and our programs are a big part of that,” Krohn said. “Every member of our team is dedicated to helping this property reach its full potential, and the progress we have made is inspiring us to keep moving forward toward that goal.”

That effort is being recognized. “My children and I have been residents of Perrywood Gardens since 2013,” noted Tianna Patrick. “I have seen many improvements to the property as well as scheduled events. I am very confident that this community is moving forward and we will continue to see positive changes.”

Located at 301 Mayberry Dr., just off Route 40 in Aberdeen, Perrywood Gardens includes of a mix of one- and two-bedroom units, and features ample on-site parking and laundry facilities in each building. The community also benefits from proximity to nearby restaurants, shopping and an array of lifestyle services. Built in 1971, Perrywood Gardens has a project-based Housing Assistance Payment (HAP) Contract in place for 100 percent of its units.

Based in Brick, N.J., Tryko Partners specializes in project-based, Section 8 HAP acquisitions and operations along the Eastern Seaboard. The firm currently owns more than 7,200 multifamily units, including more than 4,425 affordable housing apartments, with several properties in the Maryland market.

 

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