12B — March 27 - April 9, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
M ultifamily /POA E xpo CBRE in Baltimore serves as broker for the transaction Tryko Partners/Investcorp JV acquires Fairways at Towson Apartments in Baltimore B ALTIMORE, MD — Tryko Partners, LLC and Investcorp have
amenities. “We recognized an outstanding, value-add oppor- tunity in Fairways,” said Tryko Partners’ Uri Kahanow , di- rector of acquisitions. “This is a property with great ‘bones,’ and while the previous owner renovated a number of units in recent years, most are still waiting for updates. The end result will be a highly competi- tive product in a multifamily submarket where vacancy rates and rent growth both consis- tently outperform the greater Baltimore metropolitan area.” Tryko Partners and Invest- corp are dedicating significant
capital to interior unit reno- vations – highlighted by the installation of individual wash- ers/dryers – along with new windows, railings, roofing and siding for the garden buildings, and common area and lobby retrofits in the high-rise. Plans also include electrical upgrades property-wide, along with siz- able improvements to common areas, the onsite clubhouse, fitness center and pool. According to Kahanow, the mix of units and various price points at Fairways distinguish it within the marketplace, as does its amenities package. Residents also benefit from tennis and volleyball courts, a business center, movie theater and car care area. “Multifamily fundamentals in the Towson market make it a prime investment target, and this property is consistent with Investcorp’s approach of target- ing high quality assets that we believe will produce attractive yields in major markets,” said Investcorp’s Ryan Bassett , principal, real estate. “Addi- tionally, we are pleased to have formed a new joint venture with Tryko Partners. Beyond assist- ing us in executing the capital plan to upgrade Fairways, this company has a deep local mar- ket presence that positions it to leverage economies of scale and deliver strong investment returns.” “We maintain talented re- gional asset management, leasing, property management, and maintenance teams,” said Tryko Partners’ Mark Gold , vice president of operations. “Their years of experience here have led to successful proper- ties as well as a reputation for being a responsive, hands-on owner.” Tryko Partners and Invest- corp secured financing for the $100-plus million Fairways acquisition through a Wells Fargo on-balance-sheet loan. CBRE in Baltimore served as broker for the transaction. “This was an exciting acquisition pro- cess,” said Chad Buchanan , Tryko Partners’ chief invest- ment officer. “We look forward to a long and beneficial part- nership with Investcorp, which offers the support and strength of a global leader. We had been in conversation for some time and waiting for the right fit for a joint venture. Fairways has all of the characteristics we were looking for, along with superior upside potential.” n
announced the joint venture acquisition of Fairways at Towson Apartments, an 828- unit apartment community in Baltimore. The new owner- ship will immediately launch a multi-million-dollar capital improvement program at Fair- ways. Located at 6906 Donachie Rd., the property includes stu- dio and one- to three-bedroom apartments in one high-rise and 35 garden-style buildings, as well as shared resident
Fairways at Towson Apartments
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