New Student Property Reaches Full Occupancy
College Park, Md.--There is not a single room to spare at the newly developed, 154-unit University View II student apartment property near the University of Maryland in College Park, Md.
College Park, Md.–There is not a single room to spare at the newly developed, 154-unit University View II student apartment property near the University of Maryland in College Park, Md. Developed by Bethesda, Md.-based Clark Enterprises Inc., the Class A property’s 527 beds have all been claimed.
Designed by WDG Architecture, University View II is a 12-story structure that sits along Route 1 adjacent to the University of Maryland campus and University View I, its sister property–also fully leased–that Clark developed in 2005. Both residential buildings are linked to the campus by a pedestrian/bike bridge.
In addition to the residences, University View II encompasses a fitness center, business center and study rooms. Retail offerings may join the list of amenities in the future, as Clark’s design plans included the construction of shell space to accommodate approximately 11,000 square feet of ground-level retail space.
Houston-headquartered Asset Campus Housing came aboard to spearhead leasing and marketing activities for University View II in January, several months prior to the apartment building’s completion. While the student housing market did not suffer nearly as much as other commercial real estate sectors did during the economic downturn, it still has its own set of problems, so leasing a property to maximum capacity is not always the easiest of feats.
“We’re seeing a lot of markets being overbuilt, and in some markets vacancies are higher,” Ken Danter, president of real estate research and consulting firm The Danter Company, tells MHN. “To a certain degree, some of the problems are self-inflicted because of not having the best product. Also, leasing is directly related to the proximity to campus; properties located farther from campus are usually not as successful. Properties that are well-planned and well-located are still doing well–even in overbuilt markets.”