Hines Global Income Trust has boosted its living sector investments to more than $430 million globally by snapping up Alloy by Alta, a new 275-unit luxury community near the University of Maryland in College Park, Md. Wood Partners delivered the seven-story building, now rebranded The Alloy, in the first quarter of the year.
Located at 4700 Berwyn House Road, less than a mile from campus, the property caters primarily to students and offers one-, two- and three-bedroom units averaging 838 square feet. Residences feature Bluetooth-enabled entry, a movable kitchen island and custom cabinetry. Amenities of the upscale community include a 2,600-square-foot fitness center, a swimming pool and high-tech conference rooms.
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Wood Partners restored the project, formerly known as Fuse 47, after it was destroyed by one of the largest fires in the history of Prince George’s County in April 2017. The asset is currently 97.5 percent leased, after being leased up at the average rate of more than 40 units per month.
Accommodation is reported to be tight for students at the University of Maryland, a public institution northeast of Washington D.C. with an undergraduate enrollment of more than 30,000. Among the off-campus housing options are University Club and Parkside at College Park, two other student communities nearby The Alloy.
Hines Global Income Trust, a REIT sponsored by Hines, acquired a 607-bed student housing asset in Glasgow, Scotland in September for £72 million ($89 million). In October 2018, the trust borrowed $45 million from Natixis to acquire Venue Museum District, a luxury community in Houston.