HARRISBURG, PA-Tryko Partners LLC has acquired Harrisburg Park, a 163-unit, garden-style apartment complex at 1410 South 15^th Street here, from The Altman Group for $5.8 million. The cap rate was 9.0% on the project, which consists almost entirely of affordable housing units and is 100% occupied. Marcus & Millichap served as the broker for the seller.

“We have a long relationship with the group at Marcus & Millichap,” Uri Kahanow, director of acquisitions for Brick, NJ-based Tryko Partners, tells GlobeSt.com. “We tied it up before it got to market.”

Tryko Partners currently owns both conventional and affordable housing in Pennsylvania and Maryland, with 11 properties totaling 2,200 units – more than half of its portfolio – in the two states.

“We didn’t have property on Harrisburg, but it just made sense to run this out of our regional Baltimore office,” Kahanow said. Tryko plans some interior upgrades on the property.

Financing for Harrisburg Park, 80% loan to value at 5%, was secured from New York-based Community Preservation Corp.

“We’ve done a lot of financing with CPC,” Kahanow says. “They understand affordable housing.”

Over the last year, Tryko has nearly doubled the size of its portfolio, acquiring some 2,000 units for a total portfolio of 4,200 apartments. More acquisitions are likely, Kahanow says.

“From Pittsburgh to Maryland is definitely within our strategy. We’re always looking,” Kahanow says. “We’re building up the whole portfolio.”