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JV Buyer Grabs Towson Apartments

The primarily student-populated Fairways at Towson Apartments was recently sold by G/FCP Fairways Owners LLC to a joint venture of Tryko Partners LLC and the New Jersey kids, Investcorp, for an undisclosed price, the Baltimore Sun reports. Located at 6906 Donachie Rd in Towson, MD, the 28-unit apartment building is comprised of a mix of studio and one-, two- and three-bedroom apartments in a high-rise tower and an additional 35 multi-unit garden-style apartment buildings. Tryko and Investcorp plan on implementing a $7.5M capital improvement program, which will include property-wide electrical upgrades. The high-rise buildings will receive common area and lobby retrofits, while plans call for individual washers/dryers, new windows, railings, roofing and siding for the garden apartments. The complex’s clubhouse, fitness center and pool are also set for a facelift. [Sun]