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JV Buys DC MXU Near George Washington University for $68M
Up Campus Student Living, Palmor Capital, BridgeInvest, and Sabal Investment Holdings have acquired Boathouse, a Class A residential property in Washington, DC’s Foggy Bottom for $67.5 million.
Located at 2601 Virginia Ave. NW, Boathouse has 250 units and 4,747 square feet of retail space. The joint venture plans to rebrand, enhance common areas, and offer furnished units to cater to George Washington University students and staff. The property features amenities including a business center, rooftop lounges, a pool deck, a fitness center, and indoor parking.
“Boathouse is an exceptional opportunity to enhance a distinct, luxury property near George Washington University to better meet the needs of students and our residents,” said Stephen Bus, managing partner for Up Campus Student Living. “Our value-add repositioning plan will transform the asset with student-focused enhancements, fostering a vibrant community environment through Up Campus’s vertically integrated on-site management.”
- ◦Sale/Acquisition
