February 24, 2020
ALEXANDRIA/RICHMOND/COLONIAL BEACH, VA–Continuing its strategic growth in the Mid-Atlantic region, Tryko Partners has acquired three skilled nursing facilities in Virginia. The additions represent a geographic expansion for the Brick, N.J.-based private equity investment firm.
The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each provides post-hospital care, short-term rehab and long-term residential care. Tryko plans to invest a total of close to $9 million for renovations and programming enhancements at the facilities.
“This purchase marks our foray into Virginia, and the combined, 563 bed count has enabled us to immediately establish a significant footprint in this desirable market,” said Tryko’s Uri Kahanow, director of acquisitions. “For us, this region is a natural progression, given that we have a well-established skilled nursing presence in Maryland and other key Mid-Atlantic markets to the north.”
Located at 2729 King St. in Alexandria, Woodbine has the largest licensed capacity in Virginia. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit.
Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is located at 1776 Cambridge Drive in Richmond. The 69,358-square-foot, two-story building sits on a five-acre parcel and is within a 15-minute drive of two local area hospitals. The facility offers both private and semi-private rooms.
Westmoreland, located at 2400 McKinney Blvd. in Colonial Beach, is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, and a rehabilitation wing.
The three facilities have retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. The highly skilled and vision-driven nursing home administrative services company currently supports Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds, as well as more than 2,000 independent living units. Together with a carefully assembled team of clinical, compliance and financial consultants, Marquis and its new member facilities will create specialized programming to better meet local healthcare needs.
M&T Bank, a repeat partner for Tryko Partners, provided purchase financing for the Virginia acquisition. “Tryko Partners continues to exercise a highly selective approach to expanding its skilled nursing portfolio, and the opportunity to add these three assets was an attractive – and logical – ‘next step’ geographically,” noted M&T Bank’s Christian Montgomery, vice president – senior health care relationship manager. “We always appreciate the opportunity to work with established, growing clients like Tryko and, ultimately, support them in executing their plans.”
In addition to investing in skilled nursing facilities, Brick, N.J.-based Tryko Partners also purchases multifamily properties and tax liens along the Eastern Seaboard and in the Midwest. Founded in 1989, the company has established successful, long-term partnerships with both individual and institutional investors, as well as a wide network of relationships with financing entities.