Developers plan to update and refurbish an aging apartment building in College Park, in the latest sign of the city’s rapid change.
New York-based Cape Advisors, Inc. announced that it has gotten a loan to purchase the University Club apartment building.
Located at 4800 Berwyn House Rd., the 135-unit complex is just down the street from the Campus Village Shoppes property, which is being torn down to make way for more student housing.
Built in 1965, the 152,000-square-foot brick building has long served as off-campus housing for University of Maryland students, but it lacks some of the amenities that newer options like The Varsity nearby.
Cape Advisors told the Hyattsville Wire that it is planning for “modern finishes” and “enhanced amenities,” with a complete overhaul of the individual one- and two-bedroom apartments. About half of the units will be retrofitted with high-end furnishings, it said.
The $25 million deal is a sign of the rapidly changing landscape in College Park, as a university-led effort to make it into more of a college town and shift away from being a commuter school has taken hold.
It is unusual, however, as developers have torn down or planned to tear down other older buildings in College Park.
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