Tryko Partners has expanded its presence along the Jersey Shore with the addition of two properties to its portfolio.
On Jan 6, the real estate investment firm said it acquired Seacrest Village and The Terraces at Seacrest Village in Little Egg Harbor, both of which were family-owned and operated for more than 30 years.
Financial terms were not disclosed.
Seacrest Village at 1001 Center St. is a 171-bed, three-story skilled nursing facility that was developed in 1985, according to Tryko. The Terraces is a two-story, Class-A assisted living and memory care community that was built in 2013.
In a statement, Director of Acquisitions Uri Kahanow praised the Holloway family, which had owned the properties, for the reputation they established among the community. “Seacrest Village and the Terraces are desirable – and fitting – extensions of our regional real estate investment portfolio,” he said.
Seacrest Village – renamed Seacrest Rehabilitation & Healthcare Center – will see an immediate capital improvement plan, according to Kahanow, as will The Terraces, to modernize the facilities.
“Demand for skilled nursing and assisted living in Ocean County – which has New Jersey’s largest per capita senior population, at 22.8% – remains high,” he said. “The county’s strong population growth also makes this a desirable market to expand Tryko’s presence for the long term.”
Seacrest Village has a five-star designation from the Centers for Medicare & Medicaid Services for overall quality, and quality of resident care.
Brick-based Tryko said it currently has nearly 6,000 skilled nursing and assisted living beds in its portfolio across New England and the Mid-Atlantic region. Its facilities are supported by Marquis Health Consulting Services.