B — January 31 - February 13, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers Sperry Van Ness brokers transaction on behalf of seller Tryko Partners acquires two apartment communities
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OUNGSTOWN,OH — Marking its expansion west into the State of
Ohio, Tryko Partners, LLC has acquired two Youngstown multifamily communities. The private equity real estate firm purchased Compass West Apartments and Valley View Apartments I & II from Lim- ited Partnerships controlled by Jim Manchi in a late De- cember closing, adding 332 affordable housing units to its portfolio. Tryko Partners, which is headquartered in Brick, NJ maintains a growing resi- dential portfolio with more
Compass West Apartments
than 5,000 affordable and market-rate units in Pennsyl- vania, New Jersey, New York, Maryland, Massachusetts
and Virginia. This includes several properties in western Pennsylvania, including the Pittsburgh and New Castle markets. The firm specializes in project-based, Section 8 Ho- meownersAssistance Program (HAP) transactions. “Eastern Ohio is a natural extension of our geographic target area as we continue to grow strategically,” said Uri Kahanow , Tryko Partners’ director of acquisitions. “This year we also have expanded south from Maryland to Vir- ginia – it is an exciting time for our firm. These Youngstown properties, both of which are 99 percent occupied, are ex- cellent additions to our HAP portfolio.” Both Compass West Apart- ments and Valley View Apart- ments are located in primar- ily residential neighborhoods near downtown Youngstown and Youngstown State Uni- versity. Compass West, located at 1050 Compass West Drive, is a 200-unit complex with one-, two- and three-bedroom garden-style and townhouse units. The community offers ample off-street parking for residents, a laundry room in each garden building and W/D hook-ups in townhouse units. Amenities also include a community room, pool and play area for children. Among other improvements, Tryko Partners is planning immedi- ate building system upgrades at the property. Valley View, located 2600 Tyrell Ave., includes two con- tiguous garden-style projects. Valley View I consists of 84 one-, two- and three-bedroom units, while Valley View II has 48 units. Both projects provide ample off-street parking for residents, laundry rooms in each building and play areas for children. Tryko Partners’ capital investments there will include systems and parking area upgrades. n
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