Tryko Partners, LLC, a private equity real estate firm, acquired in a cash transaction the 159-bed skilled nursing facility, formerly known as the Radius Healthcare Center at 56 Liberty St., Danvers last week.
Tryko says it plans a $2 million renovation and rebranding at the property, to be known moving forward as Brentwood Rehabilitation and Healthcare Center.
“We have a long and successful track record of revitalizing and repositioning skilled nursing assets through capital investments and excellent patient care,” said Uri Kahanow, Tryko’s director of acquisitions. “Danvers has a higher-than-average percentage of residents over age 65, and this property houses nearly one third of the town’s certified skilled nursing beds. In short, it has great potential. We look forward to bringing this property to a much higher level.”
Built in 1972, the three-story, 57,750-square-foot property sits on a 1.85-acre parcel at the intersection of Liberty and Elliot streets in a predominately residential area. The Beverly Hospital at Danvers is located just 10 minutes away, while the Mass General/North Shore Center for Outpatient Care just a three-minute drive from the property.
Tryko says it will invest approximately $2 million to renovate the building from top to bottom. This will include the incorporation of a dedicated, 30-bed sub-acute care unit and a new, 1,500-square-foot gym. The firm also will introduce fine dining, cardio-pulmonary rehabilitation with therapy offered seven days per week, and a specialized Alzheimer’s program.
The property recently earned Tier Two honors from the American Health Care Association’s Quality Initiative Recognition Program — for safely reducing both hospital readmissions and off-label use of antipsychotics. Tryko will build on this quality care momentum.
“As a third-generation nursing home operator, our approach centers on two goals: providing excellent care and providing excellent customer service,” said Norman Rokeach, director of nursing home operations for Marquis Health Services, Tryko’s in-house healthcare division. “We bring a wealth of knowledge, ideas and best practices for adapting to the changing healthcare industry, and staying ahead of the game with innovative rehabilitation and clinical programs.”
The Danvers purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently is involved in more than 1,500 skilled nursing beds, including additional Massachusetts properties in Needham and Rockland.
Several Tryko nursing facilities received five-star ratings in U.S. News and World Report’s 2013 “Best Nursing Homes” feature. This distinction recognizes excellence in three categories: state-conducted health inspections, nursing and physical therapy staffing, and quality medical care.
Headquartered in Brick, N.J., Tryko also is well known for its involvement in the multifamily investment sector; it currently maintains a growing, 5,000-unit residential portfolio. The organization invests in multifamily properties, healthcare facilities, and tax liens throughout the Northeast – including Pennsylvania, New Jersey, New York, Maryland, Massachusetts and Virginia.