College Park Student Housing Building Trades For $235M
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A student housing complex next to the University of Maryland College Park campus has just sold for a record price.
CBRE's Jaclyn Fitts, William Vonderfecht, Casey Schaefer, William Roohan and Michael Muldowney represented the seller. The sale represents the highest dollar amount ever recorded for a single-asset student housing transaction, according to the brokerage team.
University View includes two towers at 8204 and 8300 Baltimore Ave. in College Park, just steps off campus. The property includes 1,573 beds and 9,200 SF of ground-floor retail.
The project, completed in phases in 2005 and 2011, has had 99% occupancy over the last nine years. Roughly one-third of the units have been renovated, and the brokers say the remaining two-thirds can be renovated to drive rent growth for the buyer.
"The demand for strategically-located student housing investments at flagship universities across the United States by domestic and international institutions continues to expand," Vonderfecht said in a release. "This trophy asset received incredible investor interest globally, driving pricing to record-breaking levels."