O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

IVINGSTON, NJ — Known for coming in like a lion, March went 816 units located throughout Northern and Southern New Jersey/Philadelphia Corridor Multi-Family goes out with a Boom inMarchwith almost $100m in investment sales closed by Gebroe-Hammer L

Federal Reserve will slowly raise interest rates sometime this summer, albeit at a mild pace, which is only contributing to the record velocity.” Key transactions closed dur- ing the final two weeks of March included the: • $11.2 million trade of 80 units inMorris County arranged by managing director Joseph Brecher and senior vice presi- dent Stephen Tragash • Representation of the seller and buyer bymanaging director David Oropeza and execu- tive vice president Greg Pine , respectively, in the sale of 65 units at Scotland Gardens, located at 754 Scotland Rd., in Orange • Bergen County sales of 21 units and one house at 197 Lafayette Ave., in Engle- wood and 14 units at 221-227

Union St., in Lodi, orchestrat- ed by Pine and vice president Debbie Pomerantz , as well as the trade of 11 units closed by Pomerantz at 980 River Rd., in Edgewater • Disposition of 20 units at 65 Headley Terr. in Irvington arranged by executive vice president David Jarvis • Four-building sale of 25 units on Forest and Grant av- enues in Jersey City closed by Senior Vice President Nicholas Nicolaou • Team of Tragash and Pine repping the seller and buyer in the $1.4 million sale of nine residential units and five com- mercial units at 811 Main St., in Boonton • Four separate property sales involving 564 units at undisclosed addresses within the South Jersey/Philadelphia MSA n basis, and launch parking lot and utilities upgrades in the coming months. The Duff Manor acquisi- tion expands Tryko Partners’ regional presence. The firm owns andmanages more than 2,000 rental apartments in the Pittsburgh, New Cas- tle and Youngstown, Ohio, markets. Its full portfolio includes more than 7,000 affordable and market-rate units, including several age- restricted properties, along the Eastern Seaboard and in the Midwest. Marcus & Millichap bro- kered the Duff Manor trade. Tryko Partners secured fi- nancing for the acquisition through M&T Bank . “This purchase continues a series of successful acquisitions with M&T,” said Tryko Partners, Chad Buchanan, chief in- vestment officer. “The entire process was seamless, thanks to their efforts and the profes- sionalism of the Crossgates team.” n

out wi th a bo om wi t h almost $100 mi l l i o n i n multi-family transactions a r r a n g e d by Gebroe- H a m m e r Associates .

Ken Uranowitz

HI-LIGHTS APR il 24 - MAY 14, 2015 The 13 trades involved a total 816 units located within the Northern and Southern New Jersey/Philadelphia corridor,

500-501 Bensel Dr. in Morris County

extending fromSussex to Bucks County. “The multi-family investment trading pace continues to be unprecedented, which is atypi-

cal for the first quarter of the year,” said Ken Uranowitz , Gebroe-Hammer president and a 40-year multi-family broker- age veteran. “It is expected The

Marcus & Millichap brokers trade, M&T Bank provides financing Tryko Partners acquires 100 unit Duff Manor Apartments in Pittsburgh, Pennsylvania


PITTSBURGH, PA — Private equity real estate group Tryko Partners, LLC has acquired Duff Manor, an age-restricted affordable housing rental property in Pittsburgh, from Crossgates Inc. The purchase strength- ens the firm’s presence in the regional market and continues its targeted growth in the senior affordable hous- ing niche. Located at 50 Duff Rd., Duff Manor Apartments in- cludes 100 one-bedroom resi- dences in a 10-story build- ing. The entire property is designated as project-based, Section 8 senior housing. Individual units feature air conditioning and a patio or balcony, and residents enjoy onsite amenities including intercom-controlled access, a community roomand laundry facilities. The property sits across the street from the Penn Hills Shopping Center, and less than one mile from the Penn Hills Senior Center


TKo Hospitality launches new hospitality management company

Duff Manor

a stellar reputation in the regional market, and it is always gratifying to purchase an asset from a like-minded, hands-on owner. This prop- erty is a great fit for us. We look forward to upholding and enhancing the environ- ment its residents have come to expect.” Kahanow noted that Tryko Partners will up- date units on an individual

and Magee-Womens Hospi- tal. It is easily accessible just two miles from I-376 and 11 miles from downtown Pitts- burgh. “Crossgates did an excellent job operating and maintain- ing Duff Manor as an attrac- tive, desirable senior rental community,” said Tryko Part- ners’ Uri Kahanow , director of acquisitions. “The firm has


www.marejournal.com ALSO INSIDE NJAA................................19B Green Buildings..........9-18B USGBC.............................18B IREM........................ 20-IBC-B

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