$4 Million Loch Raven Village Renovation Nearing Completion

Top Quote Occupancy Reaches 96 Percent One Year After Acquisition By Tryko Partners. End Quote
  • Baltimore, MD (1888PressRelease) November 16, 2012 - Just one year after purchasing Loch Raven Village Apartments, Tryko Partners, LLC is putting the finishing touches on a multi-million-dollar capital improvement program and continuing an aggressive marketing campaign that already has brought occupancy at the 495-unit Baltimore rental community to 96 percent.

    The private equity real estate firm, which specializes in value-add investments, purchased Loch Raven last summer with the goal to modernize the property and position it competitively among Class A properties within the city's desirable Towson neighborhood. One of Maryland's largest residential developments, Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres.

    The previous owner completed capital improvements valued at just over $2 million, including the renovation of 300 of the property's studio, one-, two- and three-bedroom apartments. Tryko Partners infused approximately $4 million in additional work, including remodeled kitchens - with new cabinetry, granite countertops and stainless steel appliances - and renovated bathrooms in the remaining units.

    A core component of the renovation involved converting the property's utilities so that each unit has central air conditioning and a dedicated gas furnace. "That was a major undertaking," noted Tryko's Mark Gold, vice president of operations. "We were especially pleased to have completed the electrical upgrades needed to accommodate central air, as well as the installation of new gas lines and individual metering in less than 10 months."

    Additionally, Tryko replaced entry doors and windows in all Loch Raven buildings, updated the property's landscaping and installed new signage. The company maintains a full-service approach to ownership and management of its properties, and served as its own general contractor for the project.

    Loch Raven's progress is garnering significant local attention. "I toured the beginning of the renovation process, and I am very happy with the investment that has been made at the Loch Raven Village Apartments," said County Councilman David Marks. "These improvements have greatly enhanced an important community in the Loch Raven corridor."

    Loch Raven Village Apartments sits adjacent to Loch Raven Village, a for-sale residential community of approximately 1,500 townhomes. "Tryko has done a great job keeping us in the loop on the improvements," said Wade Barnes, vice president of the Loch Raven Village Community Association. "I am a fan of the work they are doing to increase the quality of the facilities and, therefore, the aesthetics of the community. Overall, it's been a great transition, and we look forward to continuing our relationship in the neighborhood."

    For Tryko, the fast lease-up of the property is the best testament to the project's success. "When we acquired Loch Raven Village Apartments, occupancy was about 84 percent," said Uri Kahanow, the company's director of acquisitions. "Where at first we had about seven inquiries a month we now are talking with seven potential tenants every day. Word of mouth is drawing a whole new type of clientele to the property, and it is gratifying to see them choose Loch Raven as a place they are proud to call home."

    Tenants at Loch Raven Village Apartments benefit from ample off-street parking, 24-hour maintenance, on-site laundry facilities and a community playground. Located at 8402 Greenway 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.

    Tryko has established a strong foothold in the local multifamily market. The company owns and operates 1,137 residential units within a three-mile radius. Earlier this year, Tryko acquired Park Raven, a 253-unit apartment community on nearby Ramblewood Road. The firm's Marble Hall Garden Apartments also is located nearby.

    "Our Baltimore assets are well placed, well-built properties in a city that we find highly attractive in terms of investment stability and opportunity," Kahanow said. "We look forward to growing our portfolio here in the coming months and years."

    Based in Brick, N.J., Tryko Partners maintains a 5,000-unit residential portfolio. The 23-year-old 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.

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