Hyattsville, Md. — Dubai-based Safanad Limited, in partnership with Miami-based Vie Holdings, has acquired The Towers at University Town Center, a student housing community in Hyattsville, for $69.5 million.
The name of the seller was not disclosed. The community is located roughly seven miles northeast of Washington, D.C., and caters to students attending Howard University, the University of Maryland and other colleges and universities in the metro D.C. area. The new ownership will invest $5 million to renovate the property with new rooftop finishes, expanded services, upgraded units and additional facilities. The Towers comprises two 16- and 17-story buildings and includes two-, three- and four-bedroom units. In addition, the community is located within walking distance to two Metro subway stations and its amenities include a pool, business center, 24-hour security services and garage parking.