Tryko Partners Expands Northern New Jersey Assisted Living/Skilled Nursing Portfolio
ALLENDALE, N.J., Oct. 28, 2021 — Tryko Partners has expanded its northern New Jersey skilled nursing and assisted living portfolio with the acquisition of The Allendale Community for Senior Living in Allendale. Located at 85 Harreton Road, the 299-bed facility had been family owned for more than 50 years.
“The acquisition of this outstanding asset enables us to add significant scope to our investment presence in the sought-after northern New Jersey market,” said Tryko’s Uri Kahanow, director of acquisitions. “Allendale is a well-respected, legacy-owned property – one poised to remain a regional market leader. The sale process was highly amicable and enjoyable, thanks to the Giancarlo family, which built this property in the late 1960s and has a sterling reputation in the industry. We look forward to supporting Allendale’s next chapter.”
The two-story, 146,000-square-foot Allendale Community for Senior Living building includes three sections: Allendale Nursing Home (skilled nursing), Carlton Court (memory care) and The Atrium (assisted living). The facility’s primary referral source for short-term residents is The Valley Hospital in Ridgewood. In addition, Allendale draws admissions from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center.
“My family operated The Allendale Community for 55 years, and it has a special place in my heart,” said Dr. Tim Giancarlo. “Tryko is a class act and was excellent through the ownership transition; they were professional and easy to work with every step of the way.”
According to Kahanow, a significant capital improvement program is planned for The Allendale Community for Senior Living. “This facility sits in the heart of one of New Jersey’s most affluent communities, and the planned renovation will focus on creating a luxurious, hospitality-focused environment in keeping with the location,” he noted.
Founded in 1989 and based in Brick, N.J., Tryko Partners is a investment firm that maintains a deep commitment to healthcare facility investment. Its growing portfolio currently includes nearly 6,000 skilled nursing and assisted living beds in New England and the Mid-Atlantic region.
Locally, this includes Oakland Rehabilitation & Healthcare Center in Oakland, Arbor Ridge Rehabilitation & Healthcare Center in Wayne and Spring Grove Rehabilitation & Healthcare Center in New Providence. 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.
PHOTO CAPTION: Rendering of the planned lobby renovation at Allendale Community for Senior Living
About Tryko Partners
1608 Rt. 88, Brick, New Jersey, 08724