ALLENDALE, N.J. — Tryko Partners has acquired The Allendale Community, a 299-bed seniors housing community in the Northern New Jersey market of Allendale.
The seller was a family that has owned the asset for 50 years. The price was not disclosed.
“The acquisition of this outstanding asset enables us to add significant scope to our real estate investment presence in the sought-after northern New Jersey market,” says Tryko’s Uri Kahanow, director of acquisitions. “Allendale is a well-respected, legacy-owned property — one poised to remain a regional market leader. The sale process was highly amicable and enjoyable, thanks to the Giancarlo family, which built this property in the late 1960s and has a sterling reputation in the industry.”
The two-story, 146,000-square-foot property includes three sections: Allendale Nursing Home (skilled nursing), Carlton Court (memory care) and The Atrium (assisted living).
The facility’s primary referral source for short-term residents is The Valley Hospital in Ridgewood. In addition, Allendale draws admissions from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center.
According to Kahanow, a significant capital improvement program is planned for the community.