By Adriana Pop, Associate Editor
Private equity real estate group Tryko Partners, LLC has announced the acquisition of Sandalwood Apartments, an 86-unit affordable multifamily community in Leechburg, PA.
According to REBusinessOnline, Tryko, which specializes in project-based, Section 8 Homeowners Assistance Program (HAP) transactions, has purchased the property from American Housing Partners, Inc. for $4.2 million.
Marcus & Millichap brokered the transaction, while CBRE Capital Markets provided financing.
“This transaction is our second financing with CBRE through its Freddie Mac platform,” Chad Buchanan, Tryko’s chief investment officer, said in a news release. “Even though Sandalwood Apartments is a smaller multifamily asset, their office gave it a level of attention we would expect for a much larger opportunity, along with the best possible execution. We currently are in the process of closing two more properties with CBRE and look forward to continuing this productive relationship.”
Located at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh, Sandalwood Apartments encompasses 16 buildings with mostly two- and three-bedroom townhomes. Besides its proximity to local schools and shopping, the community offers a wide range of amenities, including on-site laundry facilities, a community room with kitchen, storage, a playground and basketball court.
“This is a great property in a quiet neighborhood,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “From an investment standpoint, it made sense for us to take advantage of the chance to grow our presence in the Pittsburgh region, which remains a prime target market for us. It also fits well in terms of product type as we continue to strategically expand our affordable housing portfolio.”
Based in Brick, N.J., Tryko Partners was founded in 1989. The company currently owns and manages a residential portfolio of more than 5,000 affordable and market-rate units, 1,500 of which are located in the greater Pittsburgh market.
The acquisition of Sandalwood Apartments is in line with Tryko’s aggressive growth strategy. In its 2012 and 2013 rankings, Affordable Housing Finance recognized the firm among the nation’s top 10 companies for completing both acquisitions and rehabilitations.
Photo credits: Tryko Partners