Private Equity Group Tryko Expands in Baltimore
- Mar 07, 2012
Baltimore—Private equity real estate group Tryko Partners LLC has expanded its presence in the Baltimore multifamily market with the purchase of Park Raven, a 253-unit community. Currently Tryko owns and operates 1,137 residential units in the area.
Park Raven, which is already 95 percent occupied, sits on 20 acres of land. The community was built in 1949, and a 2006 renovation included the replacement of all windows and gutters, an installation of HVAC systems and roof upgrades.
The community contains one-, two- and three-bedroom units, all of which have updated kitchens and bathrooms and new appliances, countertops and floors.
Park Raven is located near Good Samaritan Hospital and Belvedere Square, a market and shopping center. It is convenient to major Baltimore highways.
“We continue to be particularly interested in the Baltimore and Metro Washington, D.C., submarkets, which offer both investment stability and attractive opportunities,” Chad Buchanan, vice president of investments, Tryko, said in a press statement. “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.”