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University Town Center site to be auctioned

Monday - 5/14/2012, 4:46pm  ET

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, which was transferred to a special servicer in September 2009, 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. Several other properties were previously sold at foreclosure auctions.