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Tryko Partners/Investcorp JV Acquires Fairways at Towson Apartments

| March 4, 2015 | 0 Comments

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Tryko Partners
575 Route 70
2nd Floor
Brick, NJ 08527

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Release Date: Wednesday, March 04, 2015

Media Contact: Caryl Bixon-Gordon (201) 796-7788

Partnership to Launch Multi-Million-Dollar Capital Campaign at 828-Unit Rental Asset

BALTIMORE, Md., Mar. 4, 2015 – Tryko Partners, LLC and Investcorp have announced the joint venture acquisition of Fairways at Towson Apartments, an 828-unit apartment community in Baltimore. The new ownership will immediately launch a multi-million-dollar capital improvement program at Fairways.

Located at 6906 Donachie Road, the property includes studio and one- to three-bedroom apartments in one high-rise and 35 garden-style buildings, as well as shared resident amenities. "We recognized an outstanding, value-add opportunity in Fairways," noted Tryko Partners' Uri Kahanow, director of acquisitions. "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 multifamily submarket where vacancy rates and rent growth both consistently outperform the greater Baltimore metropolitan area."

Tryko Partners and Investcorp are dedicating significant capital to interior unit renovations – highlighted by the installation of individual washers/dryers – along with new windows, railings, roofing and siding for the garden buildings, and common area and lobby retrofits in the high-rise. Plans also include electrical upgrades property-wide, along with sizable improvements to common areas, the onsite clubhouse, fitness center and pool.

According to Kahanow, the mix of units and various price points at Fairways distinguish it within the marketplace, as does its amenities package. Residents also benefit from tennis and volleyball courts, a business center, movie theater and car care area. The property is located within miles of three accredited universities with more than 30,000 students and several thousand employees.

"Multifamily fundamentals in the Towson market make it a prime investment target, and this property is consistent with Investcorp's approach of targeting high quality assets that we believe will produce attractive yields in major markets," noted Investcorp's Ryan Bassett, principal, real estate. "Additionally, we are pleased to have formed a new joint venture with Tryko Partners. Beyond assisting us in executing the capital plan to upgrade Fairways, this company has a deep local market presence that positions it to leverage economies of scale and deliver strong investment returns."

Tryko Partners' Baltimore holdings now total nearly 1,900 rental units within a five-mile radius. Its other properties include Loch Raven Village, Park Raven and Marble Hall Garden Apartments. The firm also is active in the local skilled nursing sector as owner and manager of the 120-bed Westgate Hills Rehabilitation and Healthcare Center.

"We maintain talented regional asset management, leasing, property management, and maintenance teams," said Tryko Partners' Mark Gold, vice president of operations. "Their years of experience here have led to successful properties as well as a reputation for being a responsive, hands-on owner."

Tryko Partners and Investcorp secured financing for the $100-plus million Fairways acquisition through a Wells Fargo on-balance-sheet loan. CBRE in Baltimore served as broker for the transaction. "This was an exciting acquisition process," said Chad Buchanan, Tryko Partners' chief investment officer. "We look forward to a long and beneficial partnership with Investcorp, which offers the support and strength of a global leader. We had been in conversation for some time and waiting for the right fit for a joint venture. Fairways has all of the characteristics we were looking for, along with superior upside potential."

Tryko Partners, a private equity real estate group headquartered in Brick, N.J., maintains a growing residential portfolio with more than 7,000 market-rate, affordable and age-restricted units along the Eastern Seaboard and in the Midwest. The company also invests in healthcare facilities and tax liens.

Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in New York, London, Bahrain, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As of December 31, 2014, Investcorp had $11.0 billion in total assets under management. Further information, including the firm's most recent periodic financial statements, which detail assets under management, is available at www.investcorp.com.

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