NEW JERSEY—Brick-based private equity real estate group Tryko Partners LLC has added Galilee Village in Levittown, Pa. to its multifamily portfolio. The 170-unit asset, located at 17 Penn Valley Road, provides HUD-subsidized apartment living for independent seniors.
Tryko Partners purchased Galilee Village from Congregation Beth El, which built the property, in an off-market transaction.
Galilee Village includes two components, include a 120-unit Village that offers apartment living with efficiencies and one-bedroom units and the 50-unit Pavilion, which combines studio-style residences and services that assist with activities of daily living, including meals, transportation and an on-site social worker.
The property is 98 percent occupied.
The new ownership plans to renovate kitchens and replace windows in all of the units, and will upgrade sidewalks and parking lots, among other improvements.