In an effort to expand their already large portfolio of more than 6,000 skilled nursing and assisted living beds, Tryko Partners has entered into a contract of sale under which they will purchase two senior care communities from Presbyterian Senior Living, a not-for-profit senior care provider.
The target communities include Westminster Village, a 178-bed CCRC in Allentown, Pennsylvania, and Heritage Run, a 34-unit independent living community in Baltimore, Maryland.
Upon the anticipated summer 2021 closing, Tryko plans to launch a capital improvement program to fully modernize Westminster Village, which was built in 1967 and saw additions in 1982, 1988, 1989 and 2008. The Baltimore property was built more recently in 2014.
Established in 1989, Tryko is a private equity real estate investment group that is active in the acquisition of under-utilized commercial and residential properties in the Northeast. They currently own and operate more than 6,000 skilled nursing and assisted living beds, as well as more than 2,000 independent living units.
Tryko has a long-established presence in both areas of purchase. Since 2019, they have announced three acquisitions in Pennsylvania and one in Maryland. However, this is the first-ever CCRC purchase they have disclosed. Tryko-owned Marquis Health Consulting Services will operate the properties going forward.
