Four Investors Buy DC Student Housing Asset
The 10-story property sold for $67.5 million.
Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings have acquired Boathouse, a Class A residential student property in the Foggy Bottom neighborhood of Washington, D.C., in a joint venture for $67.5 million.
The newly redeveloped asset was acquired at a significant discount to cost, according to Sabal.
Boathouse features 250 studio, one- and two-bedroom units spread across 10 stories, totaling 281 beds. The property includes two levels of underground parking and 4,747 square feet of retail space.
Foggy Bottom is home to George Washington University and its enrollment of more than 25,500 students. Located at 2601 Virginia Ave. NW, the community is a 5-minute walk to George Washington University’s main campus.
The school provides on-campus dorm living for less than 7,200 students. Yardi Matrix rates it an A for location and A- for improvements. Its most recent data showed a 91.6 percent occupancy rate. The property was converted from a Howard Johnson Hotel, built 1962, to multifamily in 2020.
Renovations planned
Up Campus Student Living said it will deploy a value-add repositioning plan to transform the asset with student-focused enhancements. The property boasts high-end unit finishes such as quartz countertops, stainless-steel appliances, a Wi-Fi-equipped business center, rooftop lounges, pool deck, grilling stations, a fitness center, Amazon package lockers, dry cleaning drop-off and indoor parking with bicycle storage.
