Crestview Gardens, an income-based apartment complex off Cascade Street in New Castle, is undergoing changes.
Officially renamed as Oak Leaf Gardens, Tryko Partners of Brick, N.J., acquired the 184-unit affordable housing complex six months ago.
The private equity real estate group plans to invest $1 million in improvements in the property.
“We are well on our way to bringing Oak Leaf Gardens up to a new level of quality and safety,” Shawn Leeds, regional asset manager of Tryko Partners LLC, said in a news release this week.
“At all of our properties, we take a long-term approach to repositioning. We are not focused simply on filling apartments but rather on providing quality homes, renting them to the right people and supporting resident needs through ongoing, responsive hands-on management,” Leeds said.
The firm since taking ownership has made strides toward improving quality of life and security for residents, its news release states.
Tryko Partners specializes in project-based, Section 8 Homeowners Assistance Program (HAP) transactions and property repositionings.
The new owners are incorporating updated kitchens, bathrooms and flooring in about 60 units that were vacant at the time the 1139 Pin Oak Drive property was purchased.
Nearly two dozen new residents already have moved into the refurbished apartments.
The company continues to renovate individual units, and also is upgrading common areas.
Tryko has installed full-coverage security cameras on the grounds and is upgrading and repairing lighting.
Upon acquiring the property, Tryko focused on issues within the tenant population at Oak Leaf Gardens, evicting more than 25 residents with ties to crime-related activity on the property, the news release said.
On-site security professionals are working to further establish and maintain a safe environment.
Leeds is overseeing operations at Oak Leaf Gardens with Tom McCarthy, property manager, and Ken Rayner, construction manager.
Oak Leaf Gardens is Tryko Partners’ fourth New Castle affordable housing property. The company also owns and manages West View Terrace at 901 W. Grant St., which has undergone a similar transformation.
Its other local holdings are Sheridan Place at 26 N. Jefferson St. and Vista South at 1116 S. Mercer St., both age-restricted rental properties.