TSB Realty brokers sale of Terrapin Row,
largest 2017 single asset trade in student housing
PAOLI, PA — TSB Realty, LLC brokered the sale of Terrapin Row, a 418-unit, 1,493-bed student housing community adjacent to the University of Maryland, on behalf of Toll Brothers and affiliates of Ares Management.
“Toll Brothers and Ares delivered a student housing property with all of the characteristics desired by today’s institutional buyers,” said Randall L. Calvert, who handled the project for TSB Realty. “Terrapin Row is adjacent to the University of Maryland, within a few miles of Washington, D.C., and offers residents best in class unit finishes and community amenities. Due to the strength of the property, we were able to create a bidding war between several prospective buyers, resulting in an attractive price for a single student housing property.”
Terrapin Row is located in the heart of College Park, directly adjacent to the University of Maryland and within walking distance to area restaurants, nightlife and shopping. Designed in a modern aesthetic and to LEED-ND qualifying standards, the newly constructed community offers a mix of studio through four-bedroom floor plans, plus select two- and four-bedroom townhome-style units. Amenities include a resort-style courtyard with pool, volleyball court, outdoor television and kitchen area, quiet courtyard, state-of-the-art fitness center with interactive group fitness room and sauna, golf simulator, controlled access buildings, complimentary Starbucks coffee bars, media and gaming clubrooms, and a private parking garage.
A joint venture between Toll Brothers Campus Living and a fund managed by Ares Management originally developed Terrapin Row, delivering the property in the Fall of 2016. Toll Brothers Campus Living is the student housing development division of Toll Brothers, Inc., the nation’s leading builder of luxury homes. Ares Management is a leading global alternative asset manager with approximately $104 billion of assets under management.
Pinnacle Campus Living, a new joint venture between Pinnacle Property Management Services and Campus Evolution Villages, will serve as the property manager for Terrapin Row. Headquartered in Dallas, Texas, Pinnacle Campus Living owns and/or manages 14,000 beds affiliated with 27 universities across 18 states.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 8,000 units and 22,000 beds.