Tryko Partners buys 253-unit apartment complex in city

Park Raven sold by owner Continental Realty Corp.

March 06, 2012|By Lorraine Mirabella, The Baltimore Sun

Tryko Partners LLC, a Brick, N.J.-based private equity real estate group, said Tuesday it purchased the 253-unit Park Raven apartments in Baltimore from Continental Realty Corp.

The purchase price was not immediately available. With the acquisition, Tryko owns and operates 1,137 apartment units within a three-mile radius.

Park Raven, with 55 brick buildings on nearly 20 acres on Ramblewood Road, was built in 1949 and is about 95 percent occupied. The property, near Good Samaritan Hospital and two miles from Belvedere Square, underwent a major renovation in 2006, including updated kitchens and baths.

Last summer, Tryko acquired Loch Raven Village, a 495-unit rental community in Towson.

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