Tryko Partners, a Brick-based private equity investment firm, announced on Monday it has acquired three skilled nursing facilities in Virginia.
The facilities, which were all part of the Cambridge Healthcare portfolio, include:
- Woodbine Rehabilitation & Healthcare, 2729 King St. in Alexandria, 94,000 square feet, 307 beds;
- Lexington Rehabilitation & Healthcare, 1776 Cambridge Drive in Richmond, 69,358 square feet, 190 beds;
- Westmoreland Rehabilitation & Healthcare, 2400 McKinney Blvd. in Colonial Beach, 25,000 square feet, 66 beds.
Each facility has post-hospital care, short-term rehabilitation and long-term residential care.
“This purchase marks our foray into Virginia, and the combined, 563 bed count has enabled us to immediately establish a significant footprint in this desirable market,” Uri Kahanow, director of acquisitions, Tryko, said. “For us, this region is a natural progression, given that we have a well-established skilled nursing presence in Maryland and other key Mid-Atlantic markets to the north.”
Tryko said it will be investing nearly $9 million to renovate and update the programming at each facility.
M&T Bank provided purchase financing for the deals.
“Tryko Partners continues to exercise a highly selective approach to expanding its skilled nursing portfolio, and the opportunity to add these three assets was an attractive – and logical – ‘next step’ geographically,” Christian Montgomery, vice president, senior health care relationship manager, M&T Bank. “We always appreciate the opportunity to work with established, growing clients like Tryko and, ultimately, support them in executing their plans.”