U of Maryland Student Housing Changes Hands
Toll Brothers Campus Living and Ares Management sold Terrapin Row, a 418-unit, 1,493-bed community in College Park, Md. The sale was the largest single-asset student housing transaction so far in 2017.
By Keith Loria
A joint venture between Toll Brothers Campus Living and Ares Management has sold Terrapin Row, a 418-residence, 1,493-bed student housing community in College Park, Md., adjacent to the University of Maryland.
TSB Realty LLC represented the joint venture in the transaction, which is the largest single student housing sale to date this year. The property was originally built last fall.
Pinnacle Campus Living will now serve as the property manager for Terrapin Row. The company’s portfolio includes 14,000 beds affiliated with 27 universities in 18 states.
Inside the community
Located at 4300 Hartwick Road, the property is situated directly across the street from the South Campus Commons and the Washington Quad. The community offers its residents ultra-modern mid-rise apartments steps away from UMD and is within walking distance to area restaurants, nightlife and shopping.
Terrapin Row consists of studio, one-, two-, three- and four-bedroom units, plus select two- and four-bedroom townhome-style units.
Amenities include a state-of-the-art fitness center, a resort-style courtyard with pool, volleyball court, golf simulator, complimentary Starbucks coffee bars, media and gaming clubrooms and a private parking garage.
TSB Realty has now closed more than $2 billion in student housing sales over the last two years, consisting of more than 8,000 units and 22,000 beds.