Safanad Expands Student Housing Portfolio
- Jan 31, 2018
Safanad Ltd., in partnership with Vie Holdings, has acquired The Towers at University Town Center, a 910-bed student housing community in Hyattsville, Md., for $69.5 million. The Towers serves students attending Howard University and the University of Maryland, as well as other universities and colleges in the Washington, D.C. area.
Located at 6515 Belcrest Road, The Towers at University Town Center is approximately 1.9 miles from the University of Maryland, 5.3 miles from Howard University, 8.9 miles from Georgetown University and 6.6 miles from Georgetown University Law Center. Common amenities include:
- swimming pool
- business center
- fitness center
- garage parking
- rooftop lounge
- social lounge
- game room
- computer lab
The property consists of 16- and 17-story buildings offering two-, three- and four-bedroom units. Additionally, the community offers a free shuttle service to Howard University.
$5 million renovation plan
The joint venture plans to implement an immediate $5 million renovation program by adding a new rooftop, expanded services, upgraded units and potentially additional facilities. Back in September, Howard University partnered with Urban Investment Partners and Neighborhood Development Corp., to redevelop two Washington, D.C., student housing communities into 162 residential apartments.
“We are seeing a consistent increase in demand for purpose-built and well-managed student housing as U.S. and international students expect high quality and lifestyle-led accommodation,” said Senior Director of Safanad Chris Aiken, in prepared remarks. “Demand is compounded in locations where there is undersupply of on-campus housing and growing student populations.”
Image via Google Street View