Hines REIT Acquires Apartment Community Near University of Maryland for $98M
COLLEGE PARK, MD. — Hines, an international real estate developer based in Houston, has acquired The Alloy by Alta, a new seven-story, 275‐unit multifamily asset located at 4700 Berwyn House Road near the University of Maryland in College Park. Hines purchased the asset via Hines Global Income Trust, the company’s nontraded REIT. The purchase price was not disclosed, but multiple media outlets reports Hines purchased the property for $98 million.
The predominantly student-occupied apartment was 97.5 percent occupied at the time of sale. The property offers one-, two- and three-bedroom apartments units averaging 838 square feet.