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Fairways at Towson apartment complex sold

Fairways at Towson apartment complex sold
The Fairways at Towson 831-unit apartment complex is seen in the 6900 block of Donachie Road has been sold to Tryko Partners, a private equity real estate group based in Brick, N.J., and the same company that owns Loch Raven Village. (Staff photo by Larry Perl)

The 828-unit Fairways at Towson Apartments has been sold.

The sale was finalized Feb. 23, said Susan Toland, vice president of The Donaldson Group, a third-party property management firm based in Rockville that formerly managed the apartment complex.

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G/FCP Fairways Owners LLC sold the complex of high-rise apartments surrounded by garden apartments to Tryko Partners, LLC and Investcorp, in a joint-venture acquisition, Tryko announced March 2.

Tryko Partners is a private equity real estate group based in Brick, N.J..

Tryko also owns the 495-unit Loch Raven Village Apartments, which it bought in 2011, according to its Web site, http://www.trykopartners.com. Tryko is expected to manage both properties, Toland said.

The large Fairways at Towson complex is located at 6906 Donachie Road, off Goucher Boulevard and Colbury Road. It includes studio and one- to three-bedroom apartments in a central high-rise tower, as well as 35 multi-unit, garden-style apartment buildings.

Tryko did not disclose a sale price, but a spokeswoman said in an email that the company would immediately launch a $7.5 million capital improvement program at the property, including dedicating about $4.4 million to interior renovations.

Those will include the installation of individual washers/dryers, new windows, railings, roofing and siding for the garden apartment buildings, and common area and lobby retrofits in the high-rise building. Plans also call for electrical upgrades property-wide, and sizable improvements to common areas, the onsite clubhouse, the fitness center and the pool.

"We recognized an outstanding value-add opportunity in Fairways," Uri Kahanow, director of acquisitions for Tryko Partners, said in a written statement. "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 competitive product in a multi-family submarket where vacancy rates and rent growth both consistently outperform the greater Baltimore metropolitan area."

Signs on the front doors of the high-rise tower late last week announced, "Pardon the mess. Renovated leasing offices and facilities coming soon!!!"

Also coming soon is a new Web site for Fairways at Towson Apartments, states its home page at http://www.fairwaysattowson.com.

The sale will not affect tenants' leases, Toland said.

"Lease terms convey with the sale," she said. "The terms of their leases do not change."

Tenants in the complex are diverse, but more than a third, about 35 percent, are college students, Toland said.

According to Tryko's website, the company invests in multi-family housing, skilled nursing facilities and tax liens. Tryko owns 5,000 residential units, including 1,605 affordable housing units, and "is involved in more than 1,500 skilled nursing beds" in the Mid-Atlantic and Midwest regions, through its healthcare subsidiary, Marquis Health Services, the Web site states.

Investcorp is aglobal provider and manager of alternative investment products, serving high-net-worth private and institutionalclients, according to its Web site.

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Word was slow to spread among tenants of the complex. On Feb. 28, five days after the sale, tenants and Towson University seniors Kelsey Zarlenga and Kay Mazza said they did not know about it.

"You telling us is the first we knew," Zarlenga told a reporter.

Tenant Courtney Thompson, 31, who works for St. Joseph's Medical Center in medical records, said she had just learned about the sale that morning, when she saw a notice posted in her building.

"I'm not sure what to think yet," she said.

Neither was Tony Robinson, 28, a four-year resident, who works for an unrelated regional property management company.

"Nobody knows what's going on," Robinson said, although he added that he asked someone in management and "they said everything is going to stay the same."

Robinson said he was also encouraged by recent renovation work and talk of a possible cafe.

"That's a good thing," Robinson said.

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