Big deals can sometimes create big disruptions when the new owners of a property have different designs on what to do with their purchase.
Not so for the transaction involving The Renaissance Club apartment community in Baltimore. The $51.8 million purchase by the New Jersey-based real estate firm Tryko Partners resulted in not a single tenant being displaced, an accomplishment that helped earn the deal a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The Renaissance Club, a garden-style property built in 1950, encompasses about 515 units just north of Morgan State University and MedStar Good Samaritan Hospital. It was about 92% occupied at the time of sale, according to CoStar data, and represented a vital source of housing for working families.
"There were a lot of moving parts to this transaction, not to mention the size of the project and the impact on the current tenants. The parties were able to navigate various components, keep the property for much-needed affordable housing and conclude a successful transaction in the city which has so many perception challenges that generally need to be overcome," said Terri Harrington, managing principal of Harrington Commercial Real Estate Services and a judge in the CoStar Impact Awards competition.
Tryko Partners has laid out plans to modernize units and make other improvements. The company obtained more than $36.2 million in financing through Walker & Dunlop for the purchase.
About the deal: The Renaissance Club offers one-, two- and three-bedroom apartments and features a community swimming pool, clubhouse with business center, and a fitness center.
What the judges said: "Multifamily deals fell apart, left and right, in 2024. To be able to close a deal of this magnitude, while keeping affordability at the forefront, is worth the vote," said Chris LeBarton, director of research at KLNB.
"Affordable Housing is critically low in the region and in high demand. Selling to a buyer who will keep the units affordable was a home run," said Antony Gross, senior vice president for the JLL Agency division.
They made it happen: Alan Davis, managing director for investment sales, and Scott Doyle, senior director for investment sales. For the real estate financing, the firm Walker & Dunlop represented the seller.