BALTIMORE-Tryko Partners has snapped up another multifamily asset here, strengthening an already strong presence in the Baltimore market. Park Raven, a 253-unit building, has traded for an undisclosed sum. The private equity real estate group now owns and operates 1,137 residential units within a three-mile radius.

Tryko Partners’ Uri Kahanow, director of acquisitions, led the acquisition of the property from Continental Realty Corp. CBRE’s Mike Rudolph and Mike Muldowney represented the seller. A value add play for Tryko, the deal is projected to yield a cap rate of 9% when improvements and repositioning is complete--however, the company is not anticipating a major renovation, unlike some of its other projects.

"Park Raven does not have the heavy lifting that we typically are involved with," Kahanow said in a prepared statement. "We have a huge amount of confidence in this market, so it made strategic sense to pursue the opportunity. We will continue to upgrade the property and individual units, in order to maintain its quality."

Built in 1949, Park Raven sits on nearly 20 acres at 1806 Ramblewood Rd. It is approximately 95% occupied. The has been one major renovation of the property, completed in 2006, in which windows, gutters and downspouts were installed among other upgrades.

Last summer, Tryko acquired Loch Raven Village, a 495-unit rental community in Baltimore’s Towson neighborhood. The firm’s Marble Hall Garden Apartments asset also is located nearby. “The proximity of our three properties enables us to retain mutual services and employ other cost-saving operational efficiencies,” Kahanow said in the statement.