Dubai’s Safanad Limited has closed on a suburban Maryland student housing complex that fell into foreclosure during the recession.
Safanad paid LNR Partners, the Miami Beach-based special servicer, $69.5 million, or $285,000 per unit, for the 244-unit, 910-bed Towers at University Town Center Hyattsville, MD. The two 16 and 17-story towers, at 6515 Belcrest Rd., are about a half-mile south of the University of Maryland, and six miles north of Howard…