Aspen Heights Partners has topped out the second building at Aspen Heights College Park, a 375-bed student community near the University of Maryland in College Park, Md. The property’s first building is complete and fully occupied.
The developer broke ground on the community in June 2022. Synovus Bank provided a $46.3 million construction loan in December 2021, according to Yardi Matrix data. BSB Design Inc. served as project architect and Donohoe Construction Co. is the general contractor.
At full build-out, the nine-story community will consist of 129 apartments with one- and three- to five-bedroom floorplans, ranging from 457 to 1,507 square feet. In-unit features are set to include stainless steel appliances, washers and dryers. Common-area amenities will comprise a clubhouse, fitness center and swimming pool, along with individual study pods and study rooms.
Located at 4205 Knox Road, some 9 miles from downtown Washington, D.C., the property is close to several dining and entertainment options. College Park shopping center is within walking distance and so is a 475-bed student community that opened earlier this fall.
The student housing sector is still well-positioned, despite drops in preleased occupancy. According to a recent report, 95.1 percent of beds at the 200 universities analyzed by Yardi Matrix were preleased as of September, a minor decline from the 96.2 percent registered during the same period of last year. Rent growth also saw a 90-basis-point drop from its 7-percent peak in March, but was still 2.3 percent above September 2022.
