Plainfield, N.J. Affordable Housing Acquired by Tryko Partners
- Jul 11, 2014
Plainfield, N..J.—Liberty Village, an affordable housing property in Plainfield, N.J., has been added to the multifamily portfolio of private equity real estate group Tryko Partners LLC. The property was purchased in early July.
Brick, N.J.-based Tryko Partners plans to launch a capital improvement program at the rental property. The campaign will include the renovation of sidewalks and parking lots, addition of a laundry room and community room, and upgrades to the electrical infrastructure throughout. The community features 96 project-based, Section 8 Homeowners Assistance Program (HAP) residences, which extend in size from one to four bedrooms.
“Liberty Village is right in our backyard, and affordable housing is our specialty,” Uri Kahanow, director of acquisitions for Tryko Partners, tells MHN. “We took advantage of a great opportunity to purchase an asset that is a great fit and will provide a solid, risk-adjusted return for our affordable rental portfolio.”
The acquisition’s financing was secured through Community Preservation Corp. (CPC). “We have a great relationship with CPC going back a few years now, on the affordable side of our business,” Tryko Partners’ chief investment officer Chad Buchanan says. “Our whole team there—Chris Hooke, Doug Olcott and Jessica Mui—were patient on this one. We had to wait for a number of pieces to fall into place before closing. They always provide excellent customer service and execution. The Liberty Village transaction was exemplary.”
Adds Kahanow: “This transaction had a number of moving parts that simply took some time to fall into place.”
The acquisition of Liberty Village, located at 205 Liberty Street in Plainfield, continues Tryko Partners’ aggressive and targeted growth in the affordable housing sector.
“The seller appreciated our experience in the affordable housing sector, and we worked closely with the city to develop a program of improvements that will benefit residents and strengthen the property as a good neighbor for the Plainfield community,” Kahanow says.
He adds the company looks forward to the planned improvements and giving Liberty Village a level of attention benefiting residents and the entire community.
In addition to enjoying improved amenities, Kahanow says, residents will also benefit from “Tryko Partners’ hands-on management style.”