Campus Apartments, a national leader in the student housing sector, and Mosaic Development Partners (Mosaic), announced they have broken ground on a $148.75M graduate student housing project at the University of Maryland, College Park.
The 323,000-square-foot residential building will offer fully-furnished studios and two- to five-bedroom apartments, along with common area amenities that include a large ground-floor conference space with interior and exterior courtyards, a penthouse community lounge and terrace, various community breakout spaces, resident parking and internal bike storage.
Prominently located along Campus Drive, the community will be within walking distance of the main campus and just steps from a new Purple Line light rail stop, which is anticipated to open in 2027. It also offers easy access to the popular Paint Branch Trail, which provides off-road routes to Washington, D.C. and surrounding communities.
“After two years of strategic planning with the University of Maryland, Terrapin Development Company and the Maryland Economic Development Corporation (MEDCO), we are pleased to announce the project’s ground-breaking,” said Daniel Bernstein, President and Chief Investment Officer at Campus Apartments. “This partnership enables the university to address its growing graduate housing demands by leveraging our team’s years of industry expertise and resources. We are beyond excited to be a part of this transformational project.”
Campus Apartments and Mosaic are leading the design, development and construction of the project and have partnered with architects Gensler and Michael Marshall, and construction partners Davis Construction and Smoot Construction.
“We are very excited to have gotten to this point in our partnership with Campus Apartments, as well as our community partners at the University of Maryland, Terrapin Development Company and MEDCO,” said Greg Reaves, CEO of Mosaic. “We are equally thrilled at our ability to put together a team of talented professionals who represent a diverse pool of national, regional and local members of the community.”
RBC Capital Markets arranged financing for the new graduate community, which is being funded through tax exempt bonds. It represents the first of a larger three-phase plan to redevelop the Leonardtown section of campus. Ground-breaking occurred in July 2024.
“Through our partnership with Campus Apartments and Mosaic, we’re able to provide high quality graduate student housing options that our university has long needed,” said Carlo Colella, Vice President and Chief Administrative Officer at the University of Maryland. “This project marks a huge milestone for our growing campus and its ability to meet evolving resident experience needs and student demand.”
Tom Sadowski, Executive Director at MEDCO added, “This project is a testament to our commitment to supporting Maryland’s higher education partners and their efforts to attract and accommodate the best and brightest minds. This facility will enhance students’ educational experience and have an incredible impact on both the graduate student population and the greater College Park community.”
