Tryko Partners, LLC has expanded its multifamily portfolio with the addition of Camden Court, a 221-unit high-rise apartment community in downtown Baltimore. The private equity investment group has plans to launch a multi-million-dollar capital improvement of the Class A property located at 300 W. Lombard Street.
“We have a strong presence in the Maryland area and were attracted to the significant value-add opportunity in Camden Court,” said Uri Kahanow, director of acquisitions at Tryko Partners. “Our capital campaign will make Camden Court a more competitive product within a submarket that is projected to maintain strong population growth and rental demand.”
Built in 2005, Camden Court features 1,700 square feet of ground-level retail space and 1.5 levels of private underground parking; all apartments feature in-unit washers and dryers. In addition, the building has an appealing amenity package, including a state-of-the art fitness center, resident lounge, business center and a pet wash/spa station.
Tryko’s planned physical improvements include kitchen and bathroom updates, and upgrades in hallways and amenity spaces.
Residents benefit from Camden Court’s location, which is within walking distance of the city’s popular shopping, dining and entertainment destinations, including Camden Yards and M&T Bank Stadium. The apartment community also sits directly adjacent to both the University of Maryland-Baltimore campus and the University of Maryland Medical Center, which together generate a daily population of more than 33,000 employees and thousands of students.
CBRE provided financing for the Camden Court acquisition. CBRE’s David Webb, vice chairman, and Maxi Leachman, senior vice president, both based in the company’s Mid Atlantic Debt & Structured Financing Group, handled the transaction.
About Tryko Partners
Headquartered in Brick, N.J., Tryko Partners purchases multifamily properties, healthcare facilities and service entities, and tax liens along the Eastern Seaboard and in the Midwest. Today Tryko owns more than 7,200 residential units, including multiple age-restricted properties. The organization has grown its real estate and healthcare portfolios by identifying recovering markets and maximizing investor returns through diligent acquisitions, hands-on management and value-added capital improvements. Tryko maintains an outstanding reputation as an operator, developer and property manager.
