Tryko Partners Busy in Greater Baltimore
- Mar 12, 2012
Tryko Partners, LLC, a New Jersey private equity real estate group, has been very active in the multifamily market in the Baltimore Metropolitan Area in the past few weeks. The company has acquired two properties, Aberdeen’s Perrywood Garden and Baltimore’s Park Raven, totaling 437 units.
Perrywood Garden is a 184-unit affordable housing rental property located at 301 Mayberry Drive in Aberdeen. The eight-building, garden-style community sits on 18 acres. It was built in 1971 and features mostly two-bedroom residences, with some one-bedroom homes. Amenities include an outdoor pool, basketball courts, children’s playground, on-site parking and laundry facilities in each building. The complex has a Housing Assistance Payment Contract in place for 100 percent of the units.
Tryko acquired the property for $10 million from Perrywood Garden Associates. Ridge MacLaren, Andrew Townsend, and Clarke Talone from Marcus & Millichap’s Philadelphia office brokered the deal. The property should yield a cap rate of 9 percent after the projected value add.
Park Raven is a 253-unit apartment community located at 1806 Ramblewood Road in Baltimore. The property was built in 1949, with 55 one-, two- and three-bedroom, brick-clad buildings on nearly 20 acres. The property is approximately 95 percent occupied. It underwent major renovations in 2006, replacing every window, gutter and downsprout, installing new HVAC and water heaters and upgrading most roofs. All the buildings have updated kitchens and bathrooms, with new appliances, countertops and floors.
Tryko paid $13 million to acquire the property from Continental Realty Corporation. A CBRE team lead by Mike Rudolph and Mike Muldowney represented the seller. With this new addition, Tryko now owns and operates 1,137 residential units within a three-mile radius. After adding value the deal is projected to yield a cap rate of 9 percent.
Based in Brick, N.J., Tryko Partners, LLC was founded in 1989 and is active in the acquisition of multifamily properties, healthcare facilities, and tax liens throughout the Northeast and Midwest. Its current residential portfolio includes more than 4,500 residential units. The recent acquisitions continue an aggressive period of growth for Tryko. The company has nearly doubled its multifamily holdings over the past year.