Tryko Partners Expands Maryland Assisted Living/Skilled Nursing Portfolio
Tryko Partners has expanded its Maryland skilled nursing/assisted living real estate portfolio with the acquisition of Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. Both properties are being rebranded and renamed, with significant capital improvement programs set to begin imminently.
“We know this market area well and are pleased to grow our investment footprint in a region where we have an established presence – one that offers exceptional demographics and top-notch hospital networks,” said Tryko’s Uri Kahanow, director of acquisitions. “The facilities fit well with our strategic growth in key Mid-Atlantic locations and across the full continuum of care.”
Developed in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living and skilled nursing community – with the two components renamed The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center, respectively. According to Kahanow, an immediate, multi-million-dollar modernization of the property at 5550 Tuckerman Lane is planned, including the introduction of a secure memory care unit.
“The five-story structure has good bones and impressive curb appeal,” Kahanow noted. “The planned renovation will position Tuckerman to maintain a market-leading position well into the future.”
Located at 45 Washington Road in Westminster, Sunrise of Carroll – renamed The Terraces at Westminster – is a 62-bed assisted living and memory care community. Developed in 1999, the two-story structure was originally a historic mansion. The facility, which sits in a residential and commercial blended neighborhood, is just a few hundred feet from both the Westminster Senior Center and Carroll Hospital.
“Our investment will solidify The Terraces at Westminster’s position as a destination of choice in the region,” Kahanow added.
Tryko’s presence in the Washington, D.C.-Baltimore-Arlington marketplace includes five additional Maryland and Virginia skilled nursing facilities. The fourth largest metro area in the U.S., it is a vibrant economic hub for numerous industries and known for its esteemed medical institutions. The region has invested $3 billion in recent hospital expansions, including those at Johns Hopkins Medical Campus; the University of Maryland, Baltimore; Mercy Hospital; Baltimore/Washington Medical Center; Upper Chesapeake Medical Center; and St. Agnes.
Founded in 1989, Brick, N.J.-based Tryko Partners is a real estate investment firm that maintains a deep commitment to healthcare facility investment. Its growing portfolio currently includes 6,000 skilled nursing and assisted living beds in New England and the Mid-Atlantic region. Tryko-owned facilities are supported by Marquis Health Consulting Services, a highly skilled and vision-driven nursing home consulting company with deep experience; decades of practice; and a wealth of knowledge, ideas and best practices for adapting to the changing healthcare industry.
Tryko Partners also purchases multifamily assets – including market-rate, age-restricted and affordable-housing properties.