Another apartment building is coming to University Town Center in Hyattsville.

A lot located at the northeast corner of Belcrest and Toledo roads, currently a surface parking lot, will be home to a five-story building with 361 apartments.

The building will also have several amenities, including a fitness center, bike room, pet wash area, courtyard, pool, and lounge areas.

Two investment firms, EJF Capital and the NRP Group, have secured a $61 million loan to construct the building, which is expected to be finished in late 2025.

“Hyattsville is an exciting submarket that benefits from its proximity to one of the most powerful regional economies in the country,” said Asheel Shah, head of real estate development at EJF.

Funding for the project came in part because that part of Hyattsville is an opportunity zone, a special tax area designed to encourage development as part of the 2017 tax cuts legislation.

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