Loch Raven Village apartments has been purchased by a New Jersey-based private equity real estate group that plans to spend $4 million in upgrades to the struggling, 61-year-old complex this year.
Tryko Partners LLC bought the 495-unit rental community, located in Parkville on Loch Raven Boulevard near Joppa Road, for $26 million. The 20-acre development had gone into foreclosure in 2009 with debt that totaled $29 million.
It was auctioned on the steps of the Baltimore County Courthouse on Aug. 10, 2010 for $18.6 million, purchased back by its lender, Principal Financial Group of Des Moines, Iowa, after no bids were offered.
The apartments, built just after World War II, have been a mainstay in the community for years, said Leslea Knauff, a member of the Associates of Loch Raven Village neighborhood association.
Its bankruptcy has been met with concern for years, she said.
“We are surprised at the news,” Knauff said Tuesday. “Loch Raven Village has been following the situation. We look forward to meeting the new owners and hope to work with them in tandem to maintain and improve neighborhood standards for all.”
Officials of Tryko Partners did not return a phone call seeking comment.
Tryko owns apartments in Maryland, Delaware, New Jersey, Chicago and New York.
Loch Raven Village has 95 colonial garden-style brick buildings, many of which were upgraded in 2006 by then-new owners CBRE Realty Finance Holdings LLC and Bozzuto Holdings LLC, which purchased the development for $38.5 million.
Tryko officials said in a statement that they will renovate more units with upgrades that include remodeled kitchens, bathrooms and central air conditioning. The development is 89 percent leased.
“The improvements are planned to upgrade the property to bring it current and make it one of the most desirable residential opportunities in the Towson market,” Uri Kahanow, Tryko’s director of acquisitions, said in the statement.
David Marks, a Baltimore County councilman whose district includes Loch Raven Village, said he is optimistic about the new ownership.
“I met with them about five months ago,” he said. “And the fact that they met with me was very refreshing.”
Marks said the area has had problems recently based on blight and crime. He said he plans to lobby for creation of a new community center at the old Loch Raven Elementary School as well as re-creation of the Loch Raven Community Council.
“Loch Raven is a transitional area,” he said. “It has some characteristics of the city, but in the same time we have a lot of younger families moving in.
I got the sense from the new owners that they were interested in the community. And they had a decent track record in other areas.”