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Allegheny Twp. apartment complex gets new owner

Jason Bridge | Valley News Dispatch - Apartments at the Sandalwood complex in Allegheny Township that was recently acquired by a private equity real estate group, which specializes in project-based, Section 8 transactions. Photographed on Friday, Dec. 27, 2013.
<div style='float:right;width:100%;' align='right'><em>Jason Bridge  |  Valley News Dispatch</em></div>Apartments at the Sandalwood complex in Allegheny Township that was recently acquired by a private equity real estate group, which specializes in project-based, Section 8 transactions. Photographed  on Friday, Dec. 27, 2013.
Jason Bridge | Valley News Dispatch - Apartments at the Sandalwood complex in Allegheny Township that was recently acquired by a private equity real estate group, which specializes in project-based, Section 8 transactions. Photographed on Friday, Dec. 27, 2013.
<div style='float:right;width:100%;' align='right'><em>Jason Bridge  |  Valley News Dispatch</em></div>Apartments at the Sandalwood complex in Allegheny Township that was recently acquired by a private equity real estate group, which specializes in project-based, Section 8 transactions. Photographed on Friday, Dec. 27, 2013.

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Sunday, Dec. 29, 2013, 12:01 a.m.
 

A New Jersey firm has purchased the Sandalwood Apartments in Allegheny Township.

Tryko Partners is a private equity real estate group that specializes in purchasing multi-family units and Section 8 housing complexes such as Sandalwood.

The 10-acre property off Route 66 consists of 16 buildings with 86 units, mainly two- and three-bedroom apartments.

It was formerly owned by American Housing Partners.

Allegheny Township Manager Gregory Primm said the township hasn't had problems at the complex.

“It's always operated normally,” he said. “It's dated, but the old owners kept up on it pretty good. We never had any complaints or code violations.”

Primm said Tryko hasn't contacted the township regarding its plans for Sandalwood.

“They really haven't talked to us yet about it,” Primm said. “We knew it was happening from the deed transfer.”

In a news release announcing the acquisition, Tryko said the Sandalwood purchase is part of an effort to expand the company's presence in the Pittsburgh region.

“It also fits well in terms of product type as we continue to strategically expand our affordable housing portfolio,” said Uri Kahanow, Tryko director of acquisitions, in a news release.

Tryko says it owns and manages about 1,500 apartments in the Pittsburgh market.

Jodi Weigand is a staff writer for Trib Total Media. She can be reached at 724-226-4702 or jweigand@tribweb.com.

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