Affordable Housing Community in Camden Changes Hands
- Aug 26, 2015
By Adriana Pop, Associate Editor
A 184-unit affordable housing community on South 8th Street in Camden has a new owner.
Tryko, which specializes in affordable housing projects, is planning to invest approximately $1.5 million into the property’s renovation, in exchange for tax abatements.
The improvements will be performed through the developer’s PILOT, or “payment in lieu of taxes,” agreement with the City of Camden.
“This transaction involved a great deal of positive cooperation and persistence among many parties, with each of us eager to see this property succeed,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “It provides a great example of how public and private organizations can work together in the best interest of city residents and to improve neighborhoods.”
Plans call for the re-siding of all buildings, new windows, repairing and repaving of all parking areas and sidewalks, installation of new signage, updated landscaping throughout the property, as well as infrastructure improvements including the reparation of sanitary lines, and replacement of hot water systems and electric outlets.
Furthermore, the capital improvements will bring an innovative, high-tech security system where cameras located throughout the grounds provide feed linking directly to the police department. “The program will provide peace of mind for our tenants by enabling public safety professionals to successfully and easily monitor the neighborhood,” Kahanow explained.
Vesta Corp. and its financing partner, MMA Capital Management LLC, selected Tryko from a pool of potential buyers based on the firm’s track record in Camden and reputation among affordable housing operators.
Tryko Partners entered the Camden market when it purchased Crestbury Apartments in early 2013, also supported by a Pilot program awarded by the city. The company in late 2014 completed a $2.6 million transformation of the 392-unit affordable housing property, which included the greatly successful security program that is also planned for Liberty Park Townhomes.