HYATTSVILLE, MD–Safanad Limited and Vie Holdings announced they have acquired The Towers at University Town Center for $69.5 million. Safanad led the transaction — its second with Vie Holdings — mainly deploying capital from its own balance sheet, as an opportunity for US and global institutional investors.
“We are seeing a consistent increase in demand for purpose-built and well-managed student housing as US and international students expect high quality and lifestyle-led accommodation,” says Chris Aiken, Senior Director of Real Estate at Safanad, in a prepared statement. He adds that demand is even higher in locations where there is undersupply of on-campus housing and growing student populations.
The companies are planning a $5 million renovation program.
The student housing community consists of two 16 and 17-story buildings. It houses students from the nearby schools of Howard University and the University of Maryland as well as others.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
