News
BALTIMORE'S NEWEST SUITOR?
March 8, 2012
| Baltimore is blushing at all this attention. New Jersey-based private equity firm Tryko Partners has bought a pair of Baltimore-area apartment properties in the past week and would love to add another 2,000 to 3,000 units within three years. |
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| This morning, Tryko Partners' Uri Kahanow told us his firm is also closing on a Levittown, Pa. (outside Philly) property in two weeks, but we're not jealous (we never said we were exclusive). Tryko announced on Tuesday that it bought the 253-unit Park Raven apartments (above) at 1806 Ramblewood Road from Continental Realty, which was repped by CBRE's Mike Rudolph and Mike Muldowney. Built in '49, the 55 buildings on 20 acres (two blocks from Good Sam) are 95% occupied after an '06 renovation. Tryko now owns 1,137 units within three miles. It all started in '08 when the firm bought Marble Hall Gardens at below 60% occupancy. It's been at least 98% occupied for two years, and Tryko's been quite fond of Baltimore ever since. Last summer, it bought the 495-unit Loch Raven Village in Towson, and Uri tells us occupancy there is up from 84% to the 90s. You can bet Tryko will stick around, too; it's sold only two small properties over the past 10 years. |
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| And last week, Tryko Partners bought Aberdeen's 184-unit Perrywood Garden affordable housing property at 301 Mayberry Dr from Perrywood Garden Associates. Uri tells us his firm likes value-add properties like this one—those that were well kept but need modernization. He says Tryko uses its own equity but on recent bigger deals has been bringing in partners and leverages the typical 75% to 85% LTV through Fannie, Freddie, or a local bank. Marcus & Millichap's Ridge MacLaren, Andrew Townsend, and Clarke Talone, as well as a team formerly of Marcus & Millichap and now with new firm Greysteel—Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger, and Caleb Brown—worked on the Aberdeen deal. |
