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Under New Ownership, Change Arrives at Crestview Gardens in New Castle

| March 9, 2015 | 0 Comments

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

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Release Date: Monday, March 09, 2015

Media Contact: Caryl Bixon-Gordon (201) 796-7788

Tryko Partners Makes Notable Strides with Quality of Life and Security

NEW CASTLE, Pa., Mar. 9, 2015 – Change has arrived at Crestview Gardens under the ownership of Tryko Partners, LLC. Less than six months after acquiring the troubled New Castle apartment complex, the firm has made notable strides toward improving quality of life and security for residents. 

Tryko Partners specializes in project-based, Section 8 Homeowners Assistance Program (HAP) transactions and property repositionings. The New Jersey-based private equity real estate group is investing $1 million in improvements at the 184-unit affordable housing community, which has been renamed Oak Leaf Gardens.

Tryko Partners is incorporating updated kitchens, bathrooms and flooring in approximately 60 units that were vacant at the time it purchased the 1139 Pin Oak Drive property. Already, nearly two dozen new residents have moved into these refurbished homes. As the firm continues to renovate individual units, it also has launched common area upgrades. And on the grounds, Tryko has installed full-coverage security cameras, and is completing lighting repairs and upgrades.

Immediately upon acquiring the property, Tryko also focused on issues within the tenant population at Oak Leaf Gardens. To date, more than 25 former residents with ties to crime-related activity on the property have been evicted. On-site security professionals are working to further establish and maintain a safe environment there.

"Tryko has made a concerted effort to meet with local law enforcement agencies and address several of our concerns," noted Lawrence County District Attorney Joshua Lamancusa. "The company's efforts to return Oak Leaf Gardens back to a safe, comfortable and aesthetically pleasing property have been nothing short of herculean. I am truly impressed with the progress."

"We are well on our way to bringing Oak Leaf Gardens up to a new level of quality," noted Tryko Partner's Shawn Leeds, regional asset manager, who is overseeing operations at Oak Leaf Gardens with Tom McCarthy, property manager, and Ken Rayner, construction manager. "At all of our properties, we take a long-term approach to repositioning. We are not focused simply on filling apartments but rather on providing quality homes, renting them to the right people and supporting resident needs through ongoing, responsive hands-on management."

The early achievements of Oak Leaf Gardens' new ownership have become apparent in the larger New Castle community. Robin Malinchak, office assistant at Oak Leaf Gardens, grew up in the immediate neighborhood. "This was a thriving place 35 years ago," she said. "Tryko Partners is making fast and positive changes back in that direction. One day after church recently, my pastor said to me ‘you are doing a big service there.' It was nice to hear."

Tryko Partners is no stranger to the New Castle community – or to the challenges of turning around troubled assets. In fact, Oak Leaf Gardens is the firm's fourth New Castle affordable housing property. The firm also owns and manages West View Terrace (901 W. Grant St.), a thriving property that underwent a similar transformation headed by the same Tryko management team. The company's other local holdings – Sheridan Place (26 N. Jefferson St.) and Vista South (1116 South Mercer St.) – are both age-restricted rental properties.

"We took on Oak Leaf Gardens knowing exactly what we were getting into – and with great confidence in its potential," noted Uri Kahanow, Tryko Partners' director of acquisitions. "This is just the beginning, but we are dedicated to returning this property to its original stature as a place that residents can proudly call home."

A private equity real estate group based in Brick, New Jersey, Tryko Partners maintains a growing multifamily portfolio that today includes more than 7,000 market-rate, affordable and age-restricted rental units along the Eastern Seaboard and in the Midwest. Multifamily Executive named the firm among the nation's "Top 25 Renovators" in 2013 and 2014; Affordable Housing Finance recognized Tryko among the nation's top 10 companies for completing both acquisitions and rehabilitations in 2012, 2013 and 2014; and Commercial Property Executive named the firm among its 2014 Top Property Managers. The organization also invests in healthcare facilities and tax liens.

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