Park Raven Acquisition Increases Tryko's Foothold in Baltimore

Local Multifamily Portfolio Grows to 1,137 Units Within Three-Mile Radius. End Quote

Baltimore, MD (1888PressRelease) March 07, 2012 - The purchase of Park Raven, a 253-unit apartment community in Baltimore, marks the continued growth of Tryko Partners, LLC's foothold within the city's multifamily market. The private equity real estate group now owns and operates 1,137 residential units within a three-mile radius.

Tryko Partners, represented by Uri Kahanow, director of acquisitions, purchased the property from Continental Realty Corporation. A Baltimore-based CBRE brokerage team headed by Mike Rudolph and Mike Muldowney represented the seller. After adding value the deal is projected to yield a cap rate of 9 percent.

Built in 1949, Park Raven sits on nearly 20 acres at 1806 Ramblewood Road. The property is approximately 95 percent occupied. A major renovation completed in 2006 resulted in the replacement of all windows, gutters and downspouts, the installation of new HVAC and many water heaters, and upgrades of most roofs. All of the one-, two- and three-bedroom units in the property's 55, brick-clad buildings have updated kitchens and bathrooms, with new appliances, countertops and floors.

"While our firm typically invests in value-add properties, Park Raven does not have the heavy lifting that we typically are involved with," Kahanow said. "We have a huge amount of confidence in this market, so it made strategic sense to pursue the opportunity. We will continue to upgrade the property and individual units, in order to maintain its quality."

Park Raven is located on a quiet street and is surrounded by mostly for-sale housing. This desirable area is less than two blocks from Good Samaritan Hospital and just two miles from Belvedere Square, a retail property anchored by a gourmet market and housing a diverse roster of shops and services. The property is located 11 miles from Baltimore's CBD and the Inner Harbor, and provides easy access to main travel arteries throughout Baltimore and Baltimore County.

Last summer, Tryko acquired Loch Raven Village, a 495-unit rental community in Baltimore's desirable Towson neighborhood. The firm's Marble Hall Garden Apartments asset also is located nearby. "The proximity of our three properties enables us to retain mutual services and employ other cost-saving operational efficiencies," Kahanow said.

"We continue to be particularly interested in the Baltimore and Metro Washington, D.C., submarkets, which offer both investment stability and attractive opportunities," added Chad Buchanan, Tryko's vice president of investments. "Greater Baltimore is one of the best performing and steady apartment markets in the country, which makes it attractive to both investors and their financing entities. Within this context, as rental demand for well-located, quality rental properties increases, assets like Park Raven are positioned for significant rent growth."

The Park Raven acquisition continues an aggressive period of growth for Tryko Partners. The Brick, N.J., firm has nearly doubled its multifamily holdings and substantially grown its skilled nursing ownership over the past year. Established in 1989, Tryko today maintains a 4,500-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.

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