23 Aug 2014
73° Drizzle

University Town Center Auctions Condos

Bidders get bargain basement prices on Hyattsville condos near mall, metro station

University Town Center Auctions Condos

Buried beneath a wave of hurricane coverage this past weekend was a small story about the ongoing, perhaps slow, transformation of the University Town Center neighborhood near the Prince George's Plaza Metro Station. 

On Saturday Oct. 28, New York-based Resource Real Estate put 33 condominium units at One Independent Plaza and Plaza Lofts 22 up for auction. The auction saw bidders walk away with some choice property at a bargain prices, according to a report in The Washington Post. 

The condos overlook the expansive, if sometimes deserted, pedestrian square which graces the center of the UTC development. The neighborhood has been beset by both residential and commercial vacancies, as well as a series of massive foreclosures, since it was built in 2006. 

Post reporter Kathy Orton attended the auction and followed 28-year-old Riverdale resident Lynettra Artis as she was able to purchase a one bedroom condominium at the Plaza Lofts for only $135,000.

Resource Real Estate did not sell its entire inventory at University Town Center during the auction. Company officials say that they plan to sell the remainder through more traditional real estate sales and marketing efforts. 

Company officials are also trying to "activate" the space at UTC by paying artists to display their work inside the windows of the vacant retail spaces which line the plaza and streets of the development.

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