Tryko Acquires Baltimore Multi-Family Asset
- Jun 30, 2011
June 30, 2011
By Allison Landa, News Editor
Private equity real estate group Tryko Partners L.L.C. has purchased Loch Raven Village, a 495-unit rental community in Baltimore’s Towson neighborhood. Loch Raven is one of Maryland’s largest residential developments.
Built circa 1950, the property includes 95 buildings on 20 acres. It is currently 89 percent leased.
The previous owner bought Loch Raven for $38.5 million in 2006 and did major capital improvements including renovation and upgrade of 300 of the property’s studio, one-, two- and three-bedroom apartments. Tryko Partners, which bought the property for $26 million, plans several million in additional work, including remodeled kitchens and renovated bathrooms.
The transaction was headed by Tryko acquisitions director Uri Kahanow, while CB Richard Ellis’s Baltimore office served as broker. The deal is part of aggressive, targeted growth in the Mid-Atlantic multi-family market on the part of Tryko.
According to Kahanow, Loch Raven was bought at a competitive price per unit, which allows for significant upgrades. The property is locoated at 1711 Edgewood Road near public transit and a mile from the Baltimore Beltway.