Tryko Partners Acquires 495-Unit Baltimore Multifamily Property
Multi-Million-Dollar Capital Improvement Program Planned for Loch Raven Village.
- Baltimore, MD (1888PressRelease) June 29, 2011 - Private equity real estate group Tryko Partners, LLC has acquired Loch Raven Village, a 495-unit rental community in Baltimore's desirable Towson neighborhood. The $26 million purchase from GA Loch Raven Baltimore, LLC continues the company's aggressive, targeted growth in the Mid-Atlantic multifamily market.
Uri Kahanow, Tryko's director of acquisitions, headed the transaction. CBRE's Baltimore office served as broker.
One of Maryland's largest residential developments, Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres. It was built circa 1950, in anticipation of housing demand following World War II, and historically has enjoyed an occupancy rate in the mid 90 percent range. The property currently is 89 percent leased.
The previous owner, which purchased Loch Raven Village for $38.5 million in 2006, completed capital improvements valued at $2.1 million, including the renovation and upgrade of 300 of the property's studio, one-, two- and three-bedroom apartments. Tryko Partners will infuse approximately $4 million in additional work, including remodeled kitchens with new cabinetry, granite countertops and stainless steel appliances; renovated bathrooms and central air conditioning in all units.
"The improvements are planned to upgrade the property to bring it current and make it one of the most desirable residential opportunities in the Towson market," Kahanow explained.
Other highlights of the plan include updated landscaping, entryways and common areas. Tryko Partners, which maintains a full-service approach to ownership and management of its properties, will serve as general contractor for the project.
"We purchased Loch Raven Village at a very healthy price per unit, which is enabling us to invest significantly in upgrades," Kahanow noted. "The last owner did some of the 'heavy lifting,' and we are working on the remaining requirements to bring the property to a higher level."
Tenants at Loch Raven Village benefit from ample off-street parking, 24-hour maintenance, on-site laundry facilities and a community playground. Located at 1711 Edgewood Road, the property is surrounded by professional, cultural, retail and recreational outlets. It sits adjacent to a public transit bus stop, less than a mile from the Baltimore Beltway (I-695) and just eight miles from downtown Baltimore.
"Loch Raven Village is a well placed, well built property that currently is maintaining its presence in a strong rental market," Kahanow said. "We are confident that our planned capital expenditures and a fresh marketing strategy will serve to increase occupancy and provide a solid return on our investment."
Tryko Partners already maintains a foothold in the immediate market; its Marble Hall Garden Apartments asset is located just three miles from Loch Raven Village. The firm's resulting familiarity with the area was integral in the success of this complex purchase.
Tryko Partners remains in active acquisition mode. The company recently closed on properties in New Jersey, Pennsylvania and Maryland, with 1,100 additional units under contract.
"We are particularly interested in the Baltimore and Metro Washington, D.C., submarkets, which offer both investment stability and attractive opportunities," Kahanow noted. "Because we specialize in value-add properties, assets like Loch Raven Village that provide an opportunity for us to employ our in-house resources to increase quality of life and stabilize occupancy, while maintaining competitive rental rates, are our primary targets."
Headquartered in Brick, N.J., Tryko Partners maintains a 3,500-unit residential portfolio. The organization purchases multifamily properties, healthcare facilities, and tax liens throughout the Northeast - including Pennsylvania, New Jersey, New York, Maryland and Delaware - and the greater Chicago market in the Midwest. Established in 1989, Tryko focuses on establishing successful, long-term partnerships with both individual and institutional investors.
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