HAMPTON, VA-Brick, NJ-based Tryko Partners has acquired the 580-unit Peninsula Grove apartment community here and plans to immediately launch an $8.5-million capital improvement program at the property.
Peninsula Grove, formerly known as Liberty Estates, is located at 2018 Cunningham Drive and contains one-, two- and three-bedroom apartments in 19 two-story buildings. No financial details on the purchase transaction were reported. The community currently is 90% occupied.
“Peninsula Grove has outstanding upside potential, and we will leverage our property-turnaround expertise and hands-on operational approach to bring it to the next level,” says Uri Kahanow, Tryko Partners’ director of acquisitions. “The property has ‘good bones’ and sits in a great location. It is not easy to find true value-add opportunities at attractive prices in today’s market, and we are excited about adding a project that falls so perfectly in line with our target niche.” Peninsula Grove’s amenities include a clubhouse with community rooms, an indoor spa, fitness center and business center, outdoor pool, playgrounds, tennis courts and gazebo, extra storage, and central laundry facilities.
CBRE brokered the Peninsula Grove sale, and the firm’s Capital Markets group assisted in securing the financing for Tryko Partners, through Prudential Mortgage Capital Corp.
Tryko Partners has a portfolio of more than 6,000 market-rate and affordable-housing rental units in New Jersey, New York, Maryland, Massachusetts, Ohio, Pennsylvania and Virginia. The firm also invests in healthcare facilities and tax liens.