706 Washington Avenue, Towson, MD 21204

AMR Commercial, LLC. is pleased to present a land purchase opportunity for student housing development near Towson University in downtown Towson, Maryland. Varsity Investment Group, a Maryland-based real estate company, is currently offering a shovel-ready land sale for the potential development of a purpose-built student housing project (“Varsity Towson”) located in the heart of downtown Towson, Maryland. The downtown location is attractive to students because of its pedestrian proximity to bars, restaurants and downtown nightlife.

The site is located less than one-half mile from Towson University, which currently enrolls more than 19,677 students. While the university runs eighteen different residence halls, demand for housing is intense. It is estimated that there is only enough university housing for 5,850 Towson students, leaving approximately 11,171 of the 17,021 full-time students seeking off-campus housing, resulting in a capture rate of just 3.6 percent for Varsity Towson. The downtown Towson, MD site is a single, shovel-ready, fully-entitled parcel with a combined total acreage of 11,399 square feet that fronts Washington Avenue with access from both West Joppa Avenue and Ware Avenue.

The 142-unit, 344-bed project will feature 16-stories, with ground and second-floor parking.

The proposed development is designed as a student housing apartment community including modern studio, one, two, four and five-bedroom layouts with full kitchens, full bathrooms and efficient in-suite washers and dryers.

Proposed units will range in size from approximately 350 to 1,500 square feet. Community amenities will include secured bike parking, outdoor terraces and courtyards, a community clubhouse, fitness center and study lounges.

The current development timeline is to have the property completed for the 2028-2029 school year.

Varsity Towson is situated in Baltimore County, MD where there are a multitude of tax savings programs for certain types of real estate and locations. As such, the owner will not have to pay county real estate taxes for a period of 15 years, provided the property is constructed to achieve at least a Silver LEED rating or NGBS Green certification. Alternatively, without Silver LEEDcertification, the developer can secure a 10-year tax abatement from certificate of occupancy. While the owner of Varsity Towson will still have to pay the other real estate taxes for the property, like city and school taxes, the county portion accounts for roughly 87 percent of the annual bill.