The Towers at University Town Center are set to be sold at a foreclosure auction Tuesday afternoon as financial troubles continue to loom over the 100-acre mixed-use project in Hyattsville.
Tidewater Auctions LLC is slated hold a substitute trustee’s sale of the 910-bed student housing community outside the Circuit Court for Prince George’s County at 1 p.m. Tuesday. The property is assessed at about $65 million, according to Maryland state assessment data.
Representatives from UTC Housing I LLC could not be reached for comment. The apartments are managed by Greystar. A spokeswoman for that company was not immediately able to comment on the pending sale.
UTC Housing still owes about $53.1 million in debt on the property, , according to New York-based real estate analysis firm Trepp LLC.
The Towers are one of the last remaining properties developed by Prince George’s Metro Center Inc.
