MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community featuring 201 beds of skilled nursing and a 63-unit assisted living campus.
The property is located on 14 acres in Moorestown, across the Delaware River from Philadelphia. The price was not disclosed.
The community is slated for a two-phase, $12 million improvement campaign under the new ownership. The property has been separated into its skilled nursing and assisted living pieces and rebranded as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living.
The Lutheran Crossings campus is listed on the National Register of Historic Places. Originally built in 1894 as a private residence, it was purchased in 1939 by inventor Eldridge Johnson, who later sold it to the Lutheran Social Ministries of New Jersey. That organization opened a skilled nursing facility on the property in 1947, and expanded to its current capacity in the 1990s. The assisted living component opened in a 2007 expansion.
Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas, and upgrades to mechanical systems and roofs.
Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community.