ALEXANDRIA, RICHMOND and COLONIAL BEACH, Va. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm.
The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach.
Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million in renovations and programming enhancements at the facilities.
“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,” says Uri Kahanow, Tryko’s director of acquisitions. “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.”
Woodbine has the largest licensed capacity in Virginia, according to Tryko. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit.
Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is a 69,358-square-foot, two-story building on a five-acre parcel. The facility offers both private and semi-private rooms.
Westmoreland is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, and a rehabilitation wing.
Tryko has retained the services of Marquis Health Services, the company’s healthcare affiliate, to operate the three facilities.
M&T Bank, a repeat partner for Tryko Partners, provided acquisition financing for the Virginia acquisition. The amount of the financing and cost of acquisition were not disclosed.