JV Buys Fairways at Towson Apartments for More than $100M
- Mar 22, 2015
Tryko Partners, LLC has joined forces with the Investcorp Group for the acquisition of a large apartment community in the Baltimore metro area. The two companies have paid more than $100 million to buy the Fairways at Towson Apartments. They now plan to start work on a multi-million-dollar renovation project for the property.
CBRE’s Baltimore office brokered the sale. The joint venture secured financing for the more than $100 million acquisition through a Wells Fargo on-balance-sheet loan.
Fairways at Towson is an 828-unit apartment community, located at 6906 Donachie Road. It consists of one high-rise and 35 garden-style buildings. The property offers studio, one-, two- and three-bedroom apartment units, as well as numerous amenities, including tennis and volleyball courts, a business center, and a movie theater.
The new ownership plans to invest significant capital in interior unit renovations. New washers/dryers will be added, as well as new windows, railings, roofing and siding for the garden buildings. In the high-rise, the common areas and the lobby will be retrofitted. Plans also call for upgrades to the electrical system all over the property, and improvements to the clubhouse, fitness center and pool.
Tryko Partners owns several other apartment communities in Greater Baltimore, including Loch Raven Village, Park Raven and Marble Hall Garden Apartments. Its holdings now total almost 1,900 rental units in the area.
Photo courtesy of Caryl Communications.