Tryko Partners’ Loch Raven Village Renovation Nears Completion
- Nov 28, 2012
Baltimore—Just one year after it was purchased by Tryko Partners LLC, Loch Raven Village Apartments, a 495-unit Baltimore rental community, has reached 96 percent occupancy. That already lofty level is likely to climb still higher with a Tryko Partners-initiated multi-million-dollar capital improvement of the property nearing completion.
Brick, N.J.-based Tryko Partners purchased Loch Raven Village Apartments in 2011, intending to both modernize the community and position it competitively among the Class A properties found in Baltimore’s highly-sought Towson neighborhood.
“Our acquisition strategy focuses on turnaround opportunities,” Tryko’s director of acquisitions Uri Kahanow tells MHN. “We targeted Loch Raven because of its potential. The multifamily rental market—particularly for higher-end product—in the immediate neighborhood and the larger Baltimore region is excellent. We recognized the benefit of tapping into this high demand by revamping Loch Raven and gearing our marketing to a new demographic. At the time the sale closed, we were just finishing up two other similar-size projects in Pennsylvania, so we were in full ‘renovation mode.’ Launching the repositioning immediately just made a lot of sense.”
The key obstacle in renovating any rental property is to complete the work expeditiously while at the same time keeping residents happy, Kahanow adds. When attempting to strike that crucial balance, there is no attribute more important than experience.
“In the case of Loch Raven, because our goal involved such a marked shift in both quality and perception, a great deal of thought and careful planning went into finding the right mix of high-end features for this particular marketplace, and completing the renovations within a budget that enables us to offer a competitive product,” he says.
Included in the renovation project are kitchen and bathroom remodels, as well as work that will result in each residential unit having its own central air conditioning and dedicated gas furnace.
That effort, which included electrical upgrades and installation of new gas lines and individual metering, took less than 10 months to complete, says Tryko’s vice president of operations Mark Gold. Tryko Partners has also replaced all windows and entry doors in the buildings, updated the property’s landscaping and incorporated new signage. Tryko Partners served as its own general contractor on the renovation project.
Meantime, an aggressive marketing campaign has helped propel occupancy higher. The 96 percent occupancy level represents a substantial improvement over the 84 percent figure at the time of Tryko’s purchase, Kahanow says.
Despite the inherent inconveniences of living through a major renovation, the majority of Loch Raven residents seemed to welcome the renovation project, Kahanow said. “They recognize that we care about the community and are invested here,” he adds.
“In turn, they care more, too. So beyond appreciating improved quality of life, they are enjoying a stronger sense of community overall. This sentiment extends naturally to the new residents moving into Loch Raven as well.”