Developer breaks ground on fancy U.Md. student housing project

If you lived the dorm life, did you have your own private bathroom?

The concept of on-campus dormitory living or near-campus living continues to evolve from a box with bunk beds, a minifridge and a shared bathroom down the hall, and the University of Maryland College Park’s latest on-campus student housing addition follows that trend.

And they’ll have plenty more than private baths.

Rental housing developer Greystar, in a public/private partnership with the university’s nonprofit arm, has broken ground on a new, $140 million, 788-bed student housing community. The 348-apartment units in the nine-story building — as of yet unnamed — will include floor plans from studios to four bedrooms, each with a private bath for each student.

The project will also include outdoor grilling stations, yard games, common space, quiet study areas, a clubroom and two-story fitness center.

There will also be 20,000-square-feet of retail space.

The student housing apartment building will be at 4340 Knox Road and is scheduled to be completed in the fall of 2024.

While considered on-campus housing, the university will have no involvement in leasing, management or operations. Rents and parking fees, which have not been set, will be market rate, priced to match comparable rents at purpose built off-campus student housing in the market, Greystar said.

Earlier this year, South Carolina-based Greystar acquired The Varsity on Baltimore Avenue in College Park, another amenity-rich apartment building near campus geared toward students.

Another higher-end student housing-centric apartment development by developer Landmark Properties on Hartwick Road near the campus entrance, with more than 280 one- to five-bedroom units, got underway last fall.

Terrapin Development Company, a partnership between the university and the nonprofit University of Maryland College Park Foundation, is in the midst of a major ongoing transformation of Greater College Park, focusing on new office, retail, research and housing space by the campus’ main gateway.

A hotel, new city hall and public plaza, along with new university offices and additional retail space, are also part of the plans.

The College Park student housing project for Greystar is part of a $600 million investment in student housing that also includes two projects at The University of Texas at Austin.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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