News
WE'RE BACK!
July 1, 2011
| Miss us lately? There's been so much happening that we feel like we haven't even had time to breathe. Like Tryko Partners' purchase of Loch Raven Apartments in Towson from GA Loch Raven Baltimore LLC for $26M earlier this week. (Quoth the Bisnow: Great deal!) |
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| No, not that kind of Raven. Tryko acquisitions director Uri Kahanow tells us his firm first entered the Towson market three years ago, when it bought the 400-unit Marble Hall three miles down the road. Loch Raven's 495 units are currently 89% leased, and Uri says it'll receive a $4M facelift (Tryko projects that it'll reach full occupancy within a year and a half). ?It's close to Towson University,? he says, ?so we expect leasing to pick up substantially after renovations finish later this year.? Tryko's acquisition strategy is to pursue value-add opportunities in strong markets, Uri tells us, and it plans to spend between $125M and $200M on buys this year. |
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| Loch Raven (built in the '50s) includes 95 brick garden-style buildings on 20 acres. Uri tells us Tryko typically goes after deals in the 80% LTV range, recently forming partnerships with institutions and high-net-worth individuals. CBRE's multifamily team brokered the deal. |
