PITTSBURGH, PA — Private equity real estate group Tryko Partners, LLC has acquired Duff Manor, an age-restricted affordable housing rental property in Pittsburgh, from Crossgates Inc. The purchase strengthens the firm’s presence in the regional market and continues its targeted growth in the senior affordable housing niche.
Located at 50 Duff Rd., Duff Manor Apartments includes 100 one-bedroom residences in a 10-story building. The entire property is designated as project-based, Section 8 senior housing. Individual units feature air conditioning and a patio or balcony, and residents enjoy onsite amenities including intercom-controlled access, a community room and laundry facilities. The property sits across the street from the Penn Hills Shopping Center, and less than one mile from the Penn Hills Senior Center and Magee-Womens Hospital. It is easily accessible just two miles from I-376 and 11 miles from downtown Pittsburgh.
“Crossgates did an excellent job operating and maintaining Duff Manor as an attractive, desirable senior rental community,” said Tryko Partners’ Uri Kahanow, director of acquisitions. “The firm has a stellar reputation in the regional market, and it is always gratifying to purchase an asset from a like-minded, hands-on owner. This property is a great fit for us. We look forward to upholding and enhancing the environment its residents have come to expect.” Kahanow noted that Tryko Partners will update units on an individual basis, and launch parking lot and utilities upgrades in the coming months.
The Duff Manor acquisition expands Tryko Partners’ regional presence. The firm owns and manages more than 2,000 rental apartments in the Pittsburgh, New Castle and Youngstown, Ohio, markets. Its full portfolio includes more than 7,000 affordable and market-rate units, including several age-restricted properties, along the Eastern Seaboard and in the Midwest.
Marcus & Millichap brokered the Duff Manor trade. Tryko Partners secured financing for the acquisition through M&T Bank. “This purchase continues a series of successful acquisitions with M&T,” said Tryko Partners, Chad Buchanan, chief investment officer. “The entire process was seamless, thanks to their efforts and the professionalism of the Crossgates team.”