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Tryko Acquires Two Youngstown, Ohio, Apartment Communities

| January 2, 2014 | 0 Comments
Taste of Teaneck
Compass West

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Tryko Partners
575 Route 70
2nd Floor
Brick, NJ 08527

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Release Date: Thursday, January 02, 2014

Media Contact: Christine Ziomek (201) 796-7788

Year-end Transaction Marks Westward Expansion, Adds 332 Affordable Units

YOUNGSTOWN, Ohio, Jan. 2, 2014 – Marking its expansion west into the State of Ohio, Tryko Partners, LLC has acquired two Youngstown multifamily communities. The private equity real estate firm purchased Compass West Apartments and Valley View Apartments I & II from Limited Partnerships controlled by Jim Manchi in a late December closing, adding 332 affordable housing units to its portfolio.

Tryko Partners, which is headquartered in Brick, N.J. maintains a growing residential portfolio with more than 5,000 affordable and market-rate units in Pennsylvania, New Jersey, New York, Maryland, Massachusetts and Virginia. This includes several properties in western Pennsylvania, including the Pittsburgh and New Castle markets. The firm specializes in project-based, Section 8 Homeowners Assistance Program (HAP) transactions.

“Eastern Ohio is a natural extension of our geographic target area as we continue to grow strategically,” noted Uri Kahanow, Tryko Partners’ director of acquisitions. “This year we also have expanded south from Maryland to Virginia – it is an exciting time for our firm. These Youngstown properties, both of which are 99 percent occupied, are excellent additions to our HAP portfolio.”

Both Compass West Apartments and Valley View Apartments are located in primarily residential neighborhoods near downtown Youngstown and Youngstown State University. Compass West, located at 1050 Compass West Drive, is a 200-unit complex with one-, two- and three-bedroom garden-style and townhouse units. The community offers ample off-street parking for residents, a laundry room in each garden building and W/D hook-ups in townhouse units. Amenities also include a community room, pool and play area for children. Among other improvements, Tryko Partners is planning immediate building system upgrades at the property.

Valley View, located 2600 Tyrell Ave., includes two contiguous garden-style projects. Valley View I consists of 84 one-, two- and three-bedroom units, while Valley View II has 48 units. Both projects provide ample off-street parking for residents, laundry rooms in each building and play areas for children. Tryko Partners’ capital investments there will include systems and parking area upgrades.

Sperry Van Ness brokered the transaction on behalf of the seller. CBRE Capital Markets provided financing. “As a well-respected operator in the HUD system, and with the assistance of CBRE’s talented team, we were able to attain Freddie Mac financing at attractive terms,” said Chad Buchanan, Tryko Partners’ chief investment officer. “This acquisition has provided us with a significant, immediate foothold in the Youngstown market while solidifying our larger regional presence. We look forward to continuing this momentum into 2014.”

Affordable Housing Finance recognized Tryko Partners among the nation’s top 10 companies for completing both acquisitions and rehabilitations in its 2012 and 2013 rankings. Multifamily Executive in 2013 recognized the company among the nation’s top renovators. Established in 1989, Tryko Partners invests in multifamily properties, healthcare facilities and tax liens.

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