Strategic Disposition Follows Successful, 10-year Investment Cycle
BALTIMORE, Md. – Private equity investment group Tryko Partners, LLC has sold Marble Hall Gardens in Baltimore following a successful 10-year investment cycle. The 14-building, 390-unit rental community is located at 4200 Loch Raven Blvd.
Marble Hall Gardens benefits from a desirable location just off Route 542, a major corridor providing direct access to downtown Baltimore, near Morgan State and Johns Hopkins universities. The property is more than 98 percent leased, including a 97-unit master lease with Morgan State.
The sale price was more than double the purchase price paid by Tryko Partners in 2007. According to Uri Kahanow, director of acquisitions, the same attributes that attracted his company helped to secure the new buyer.
“The multifamily market in Baltimore remains strong,” he noted. “Within it, Marble Hall Gardens’ appeal to both student and traditional renters has contributed to a strong occupancy history, which makes it a solid investment target.”
Greysteel represented Tryko Partners in the strategic disposition.
Tryko Partners continues to maintain a presence in the immediate market; its Loch Raven Village rental community is located just three miles from Marble Hall Gardens. Based in Brick, N.J., the organization invests in multifamily properties, healthcare facilities and tax liens along the Eastern Seaboard and in the Midwest. Tryko, which focuses on establishing successful, long-term partnerships with both individual and institutional investors, maintains a current portfolio of more than 7,200 multifamily units. This includes market-rate, age-restricted and affordable-housing properties.