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Private Equity Firm to Acquire 178-bed CCRC and 34-Unit Independent Living Community
ALLENTOWN, Pa., and BALTIMORE, June 8, 2021 – Tryko Partners and Presbyterian Senior Living (PSL) have entered a contact of sale under which the private equity investment firm will acquire Westminster Village, a 178-bed, four-star-rated continuing care retirement community in Allentown, and Heritage Run, a 34-unit independent living rental community in Baltimore. Upon the anticipated summer 2021 closing, Tryko will launch a capital improvement program to fully modernize Westminster Village.
“Westminster Village is well known for its history of quality care under PSL’s tenure, and we look forward to supporting and enhancing its future as a go-to choice as one of the top destinations for sub-acute rehab, long-term care, personal care and independent living in the greater Allentown area,” said Tryko’s Uri Kahanow, director of acquisitions. “Similarly, Heritage Run has already established a bright future as a leading, modern property in the Baltimore independent living niche. Tryko has a long-established presence in both regions; these are desirable and natural fits for our portfolio.”
Located at 803 North Wahneta Street, Westminster Village sits on nearly four acres. The main building was constructed in 1967 as a skilled nursing facility and acquired by PSL in 1972. PSL added independent living and personal care wings in 1982 and 1989. The “Annex,” which houses administrative offices and an adult day care component, came online in 1988, while a final addition in 2008 – introducing an expanded dining space – grew the facility to its current 150,000 square feet.
Heritage Run, located at 1080 E. 33rd Street in Baltimore, was constructed in 2014. The community is situated in the Stadium Place master planned development, former site of Memorial Stadium. Heritage Run provides well-appointed senior housing apartment living for adults age 62 and over, at market rental rates to the surrounding Baltimore community.
“Presbyterian Senior Living has been honored to serve those who live and work in the Allentown and Baltimore communities,” said PSL’s Jim Bernardo, president and chief executive officer. “We appreciate the support of amazing staff and volunteers that have made Westminster Village and Heritage Run what they are today. Over its 94-year history, PSL has diversified our services and portfolio of offerings as the needs of older adults have changed. This sale to Tryko Partners is consistent with that direction and will assure a continued presence of service to seniors in the east Allentown and Baltimore communities.”
Founded in 1989 and based in Brick, N.J., Tryko Partners maintains a deep commitment to healthcare facility investment; its portfolio includes nearly 6,000 skilled nursing and assisted-living beds in the mid-Atlantic region and New England. 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.
Based in Dillsburg, Pa., and founded in 1927, PSL is one of the largest not-for-profit providers of senior living and care services in the country with over 30 locations throughout the mid-Atlantic. Presbyterian Senior Living fulfills its charitable purpose and mission by providing a full range of high-quality healthcare, housing, and other related community services directed primarily to people 55 and over. For more information, please visit www.presbyterianseniorliving.org.
1608 Rt. 88, Brick, New Jersey, 08724