Tryko Completes $1 Million Renovation At Pemberton Manor

10/23/12

Private equity real estate group Tryko Partners, LLC, local dignitaries and residents of Pemberton Manor Apartments recently celebrated the completion of a $1 million renovation at the Salisbury rental community. Tryko Partners purchased Pemberton Manor last fall and, since then, has completed extensive physical upgrades and enhanced outreach programs at the property.

Located on 60 acres at 1020 Fairground Drive, the community features 19 brick-clad, garden-style buildings. Its 209 one-, two- and three-bedroom residences include both market-rate and HUD affordable housing units.

"The transformation here truly is remarkable," said Salisbury Mayor James Ireton. "Not only has Tryko Partners created a place that residents can be proud to call 'home,' but this company has come into our community and shown its commitment to be a good neighbor and a source of support for families and youth. Pemberton Manor Apartments is an amazing example of what a community can do together."

Among the most notable changes, the firm beautified the buildings and grounds with fresh paint, updated landscaping and repaving. The community pool, which had been closed, was relined and opened in time for the summer months. Tryko Partners also improved the property's playgrounds, tennis and basketball courts. In addition, Tryko incorporated an attractive new security booth at the entrance to Pemberton Manor.

At each Pemberton Manor building, Tryko Partners enclosed entries, staircases and hallways with storefront glass, enabling better common area security and heating during cooler seasons. The firm installed new intercom systems and renovated laundry facilities, and has upgraded appliances and replaced carpeting in many units as well. The previous ownership renovated kitchens and baths, and modernized the property's HVAC and electrical systems, among other improvements.

The overall progress at Pemberton Manor has led to increased occupancy during the past year. When Tryko Partners purchased the property it was 90 percent occupied. Today that number has climbed to nearly 96 percent.

"Pemberton Manor is a gated community in a desirable location," said Uri Kahanow, Tryko Partners' director of acquisitions. "Historically, it has maintained occupancy in the high 90s. We are confident that our improvements and an enhanced marketing campaign will bring it back to and above this level."

COMMUNITY SPIRIT AND CELEBRATION
More than 200 people attended the recent Pemberton Manor celebration, which Tryko Partners geared toward the community's youth. "We were thrilled to commemorate these positive changes with the families and youth at Pemberton Manor," noted Mark Gold, Tryko Partners' vice president of operations. "Everyone who has seen the changes first-hand agrees that Pemberton Manor has come a long way."

The event featured games, entertainment and lunch. The Salisbury fire and police departments gave equipment tours, and a police department mascot raffled off prizes and distributed more than 150 school bags filled with supplies and school uniforms to commemorate the children's return to school. The local health department and other organizations contributed food and supplies.

The event was in keeping with Tryko Partners' commitment to engender a sense of community at its properties. As a truly hands-on operator, the firm assists residents in any capacity possible, and the company has had great success in working with neighborhood leaders and community organizations that help residents who need it.

"We believe that, in order to preserve housing for the long term, it is necessary to invest in and support residents and the larger community," Kahanow noted.

To that end, Tryko Partners started the Pemberton Manor Youth Coalition. The program provides bagged lunches to children in need during the school year, and breakfast and lunch during summer vacation. After-school homework help is available in the management office as well. In addition, Tryko helped to put Girl Scouts and Big Brothers Big Sisters programs in place as well as other community initiatives and programs at the property. Recently, Wicomico County presented its "Tobacco Community Award" to the Pemberton Manor staff in recognition of these contributions.

Tryko Partners this summer grew its local presence with the purchase of Pine Bluff Village, a 151-unit, age-restricted rental property at 1514 Riverside Drive in Salisbury. According to Kahanow, the firm hopes to pursue additional opportunities in the near future.

"Salisbury offers all the benefits of city living, yet in the heart of the beautiful Delmarva Peninsula, just 30 minutes from Ocean City and two hours from Baltimore," he said. "Simply put, it is a great place for multifamily investment as we continue to grow our regional portfolio."

Based in Brick, N.J., Tryko Partners maintains a 5,000-unit residential portfolio that currently includes 1,605 affordable housing units. Reflecting its progress in this sector, Affordable Housing Finance recognized Tryko among the nation's top 10 companies for completing both acquisitions and rehabilitations in its recent 2012 ranking.

The 23-year-old organization purchases multifamily properties, healthcare facilities, and tax liens throughout the Northeast – including Pennsylvania, New Jersey, New York, Maryland and Delaware – and the greater Chicago market in the Midwest. Tryko Partners continues to seek opportunities to increase market share in these regions and is looking toward strategic expansion in additional key markets nationwide.

About Tryko Partners, LLC
PHOTO CAPTION: Local dignitaries joined residents and the ownership of Pemberton Manor Apartments recently to celebrate the completion of a $1 million renovation with an event for the community's youth. Hosted by private equity real estate group Tryko Partners, LLC, which purchased Pemberton Manor in late 2011, the event drew more than 200 attendees and showcased both the physical upgrades and enhanced outreach programs at the property. Pictured from left to right are: Steve Horseman, maintenance supervisor, Pemberton Manor; Yonah Kohn, president, Tryko Partners; Joy Chestnutt, property manager, Pemberton Manor; Salisbury Mayor James Ireton; Mark Gold, vice president of operations, Tryko Partners; Ivan Barkley, acting Salisbury chief of police; Susan Phillips, housing supervisor, City of Salisbury Neighborhood Services and Code Compliance; and Tom Stevenson, director, City of Salisbury Neighborhood Services and Code Compliance.

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