Tryko Partners Buys Suburban Philadelphia CCRC
The new owner plans to renovate the two-facility complex in Langhorne, Pa.
Wilmac Corp. has sold Attleboro Community, a 415-bed senior living community in Langhorne, Pa. The buyer, Tryko Partners, rebranded the property as Oxford Enhanced Senior Living and selected Marquis Health Consulting Services to operate it.
Truist Bank facilitated the transaction with a financing package totaling $55.4 million, Bucks County records show. The open-end mortgage includes a $46.3 million term loan, a $7.9 million construction loan and a $1.2 million revolving line of credit. The new owner plans to use part of the funding to upgrade the 1987-built property.
Located on 18 acres at 290, 300 and 310 E. Winchester Ave., the continuing care retirement community includes 134 independent living, 81 assisted living and 21 memory care units, dubbed Oxford Crossings, and a 179-bed skilled nursing facility. The latter, named Oxford Rehabilitation & Healthcare Center, provides subacute rehabilitation as well as long-term residential and post-hospital care, among others.
Two medical facilities, both less than 4 miles away: Trinity Health’s St. Mary Medical Center and Jefferson Bucks Hospital, are the main referral liaisons for residents opting for the short-term program of care. Oxford Enhanced Senior Living is within a mile of the Flowers Mill Road retail corridor and within 2 miles of Core Creek Park.
Senior living portfolio
Tryko Partners’ portfolio includes nearly 6000-bed skilled nursing and assisted living facilities across New England and the Mid-Atlantic. In June 2020, the company paid $14.5 million for a 200-bed skilled nursing facility in North Providence, R.I., and followed that with the acquisition of a 173-bed skilled nursing and personal care complex in Springfield, Pa. Tryko Partners currently owns eight senior living communities in the Greater Philadelphia area.
Despite the general resident satisfaction dropping last year, the senior housing sector is showing signs of recovery. In the last quarter of 2021, overall occupancy grew 100 basis points over the previous quarter, reaching 81 percent, according to NIC MAP Vision data. While independent living communities registered the highest occupancy rate (83.6 percent), assisted living communities registered the highest increase, up 140 basis points, reaching 78.3 percent. Quarterly occupancy rates for nursing care communities increased to 77.2 percent.