Tryko Partners Begins Extensive Renovation on Distressed Affordable Community in Maryland
Tryko Partners recently acquired Perrywood Gardens, a 184-unit affordable housing community in Aberdeen, Md. The company is currently implementing a $500,000 renovation program for the property.
Aberdeen, Md.—Tryko Partners LLC recently acquired Perrywood Gardens, a 184-unit affordable housing community in Aberdeen, Md. The company is currently implementing a $500,000 renovation program for the property.
The affordable community includes a mix of one- and two-bedroom units. Amenities include a pool, basketball courts, playground and on-site parking and a laundry facility.
Renovations to Perrywood Gardens, which was built in 1971, include the installation of nine new roofs and vinyl siding, replacement of damaged air conditioners and a comprehensive HVAC/mechanical system evaluation. Additionally, Tryko moved the outside mailboxes indoors, implemented pest-control measures in some of the units, and landscaped the exterior.
Other renovations included repairing Perrywood Garden’s underground piping system, analyzing the water quality and removing mold. Also, the company is working to fix the community swimming pool and addressing the presence of bats, which are protected by federal mandates.
Though extensive work has been necessary at the community, Uri Kahanow, director of acquisitions, Tryko Partners, believes that Perrywood Gardens will end up being a positive addition to the company’s portfolio, in part because of its good location.
“Perrywood Gardens sits in an excellent market for multifamily, with several neighboring market-rate rental properties that maintain occupancies in the high 90 percent range,” Kahanow tells MHN. “Additionally, the recent close of Ft. Monmouth in New Jersey and subsequent relocation of offices from that facility to the 45,000-acre Aberdeen Proving Ground (the headquarters for the United States Army Testing and Evaluation Command) has resulted in an influx of renters locally. These factors contribute to the immediate region’s strong investment appeal.”
Kahanow continues: “Within this context, Tryko Partners specializes in affordable housing properties. Affordable Housing Finance recognized us among the nation’s top 10 companies for completing both acquisitions and rehabilitations in its 2012 ranking. Additionally, Aberdeen is located in the heart of our strategic market. We own several properties in Baltimore and a community in Harrisburg, Pa. Perrywood Gardens’ location directly between the two cities makes it an ideal fit for our portfolio.”
