One of the hottest parts of the real estate industry in recent years has been student housing and now that boom is coming to Hyattsville.
An investor in the United Arab Emirates has bought the Towers at University Town Center and stands ready to spend $5 million on upgrades: Safanad Ltd. of Dubai and Vie Holdings of Miami paid $69.5 million for the building recently, which was built in 2006.
The Towers at UTC also lie in close proximity to the University of Maryland, though Howard students remain a huge part of its core market.
“In the case of The Towers, we already have great housing that is well connected and surrounded by entertainment options,” Chris Aiken, Safanad’s senior director of real estate, said in a release. “Our priority is to support the management and initiate an upgrade program to further improve the living experience and create greater value for our investors.”
From California to Carolina, college towns have seen a rise in luxury student housing with amenities ranging from ground-floor retail to fireplaces and jacuzzis. Student housing is now a $4 to $5 billion business, according to CNBC.