Safanad Ltd. of Dubai and Vie Holdings of Miami have paid $69.5 million for a pair of multifamily towers steps from both the Mall at Prince Georges and the Prince George’s Plaza Metro station.
The seller appears to be an affiliate of LNR Partners, a commercial mortgage special servicer.
The Towers at University Town Center on Belcrest Road in Hyattsville contain one 16-story and one 17-story building, each with two, three and four-bedroom units. The 910-unit campus is geared toward students of nearby institutions of higher learning, including the University of Maryland and Howard University.
The buildings include a fitness center, rooftop pool, spa, dining services and a large study lounge. The new owners plan an immediate $5 million renovation upgrade the rooftop and units, expand the buildings’ services and potentially add facilities.
“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.”