Gilbane Development Completes 978-Bed Student Property

The fully furbished community serves the University of Maryland.

TEMPO. Image courtesy of Gilbane Development Co.

Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park, Md. The fully furbished property serves students attending the University of Maryland.

Initially financed with an $11 million loan from the owners in 2019, the same year the property received an $11.8 million construction loan funded by Manufacturers and Traders Trust Co., according to Yardi Matrix data. In 2020, Fifth Third Bank provided another $84.2 million loan for the project.

Asset Living manages the community located at 8430 Baltimore Ave. The eight-story property encompasses 296 units with one- to five-bedroom floorplans, varying from 403 to 1,727 square feet, as well as 300 indoor parking spaces. All units are equipped with stainless steel appliances, private bathrooms, washers, dryers and flat-screen TVs.

Common-area amenities include a fitness center, outdoor courtyards, a swimming pool, a game lounge, a coffee bar, a podcast and video studio, as well as a free shuttle service to the university campus.

TEMPO is within half a mile of the University of Maryland and a mile away from Paint Branch Stream Valley Park. College Park city center and several dining options are within a mile of the property, while downtown Washington, D.C., is 9.5 miles southwest.

Currently, Gilbane’s portfolio includes 25 properties and more than 20,000 beds in various stages of development across several university markets. At the end of last month, the company opened Bixby on College, another 383-bed community in Clemson, S.C.

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