HORSHAM, Pa. (PRWEB) February 11, 2015
Toll Brothers, Inc. (NYSE: TOL) (http://www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living® subsidiary, along with joint venture partner Ares Management, L.P. (NYSE: ARES), and Clark Builders Group (CBG), as construction manager, announced today the ground breaking of Terrapin Row, a 1,493-bed luxury student housing community adjacent to the campus of the University of Maryland, in College Park, Maryland.
Located alongside the University of Maryland’s College Park campus, Terrapin Row will provide 418 furnished student apartments in three apartment and two townhouse buildings, and include a 489-space parking garage. The community is slated to encompass a long list of student-centric amenities such as study rooms on every floor and the largest state-of-the-art fitness center in College Park. Additional amenities include a separate fitness-on-demand flex-room providing different levels of cardio, yoga, spin and pilates classes, a sauna, a resort-style swimming pool with sunshelf, and multiple courtyards offering a volleyball court, outdoor kitchen, fire pits, and exterior TV viewing areas.
“We are very excited about the positive impact Terrapin Row will have on the College Park and University community,” said Charles Elliott, Managing Director, Toll Brothers Campus Living. “Our intent is to develop a community that understands the student lifestyle and connects with campus.”
"Toll Brothers' Terrapin Row project is a transformative redevelopment for College Park," said Eric Olson, Executive Director, College Park City-University Partnership (CPCUP). "A decade ago, CPCUP established a joint City of College Park-University of Maryland vision for redevelopment that provided the private sector confidence to assemble this land. We are proud that Toll Brothers is fulfilling this vision with a new, amenity rich, walkable neighborhood."
"We are proud to partner with Toll Brothers Campus Living to deliver this new community to the University of Maryland. It is an exciting project that will bring new life to the historic South Campus by creating a hub for student living, learning and gathering," said Keith Anderson, President, Clark Builders Group.
The community will open for students in the Fall of 2016 and is located on Knox Road in College Park, Maryland. For more information visit http://www.TerrapinRow.com.
Terrapin Row is being developed in a joint venture between Toll Brothers Campus Living and funds managed by Ares Management.
ABOUT TOLL BROTHERS CAMPUS LIVING®
Toll Brothers Campus Living is the student housing development division of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes. Toll Brothers Campus Living is bringing the same quality, value and service familiar to luxury home buyers throughout the country, to new student housing communities located nearby select university campuses. Toll Brothers Campus Living communities combine the energy of collegiate locations with student-centric services, amenities, and the expertise of the nation's leading builder of luxury homes. For more information on Toll Brothers visit http://www.TollBrothers.com.
Ares is a leading global alternative asset manager with approximately $84 billion of assets under management and more than 15 offices in the United States, Europe and Asia as of September 30, 2014, pro forma for the EIF transaction. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information on Ares Management, visit http://www.AresMgmt.com.
ABOUT CLARK BUILDERS GROUP
As one of the largest multifamily builders in the nation, Clark Builders Group (CBG) is one of the nation's premier builders of luxury apartments, military family housing, and mixed-use communities. CBG has constructed more than 60,000 homes since its founding in 1992 and boasts an extensive portfolio of nationally acclaimed, award-winning communities on both coasts. CBG is an affiliate of the Clark Construction Group, one of the nation's oldest and largest private general contractors. For more information on Clark Builders Group, visit http://www.ClarkBuildersGroup.com.