Terrapin Row


418 luxury student housing units with 1,493 beds

Mixed-use; 5-story wrap, podium

Total project cost: $152M

Construction commenced: Q4 2014

Leasing commenced: Q3 2015

Stabilized: Q3 2016

Toll Brothers Campus Living acquired a vintage apartment complex located directly next to the main campus of the University of Maryland in College Park, MD. The dilapidated buildings were demolished and the irreplaceable real estate was redeveloped into a luxury 418-unit, 1,493-bed student-purposed multifamily project. Toll Brothers brought in an investment fund as the equity partner. Using a traditional 65% construction loan, Toll Brothers and the investment fund split the required equity 25/75. Toll Brothers oversaw the construction process and delivered the building on time for the small window of the leasing season associated with privately owned student housing. After two successful lease-up seasons, Toll Brothers and its partner decided to sell the project due to the exceptionally strong demand from institutional buyers in this asset class. The partnership sold the asset at a price resulting in the highest per bed sale for a student-purposed building ever recorded in the United States.

This case study presents a summary of key details surrounding the development of the project. Toll Brothers Apartment Living does not warrant the accuracy or completeness of this information. The content presented here does not constitute any offer or solicitation. The information on this case study is not forward-looking. Each development is unique and nothing on this website is a guarantee of future performance.