O wners , D evelopers & M anagers
Real Estate Journal — Section B
www.marejournal.com
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
eNERGY mANAGEMENT
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
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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
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