Up Campus Student Living, Palmor Capital, BridgeInvest, and Sabal Investment Holdings have recently acquired Boathouse, a premier residential property in Washington D.C.’s Foggy Bottom neighborhood for $67.5 million. The property is located at 2601 Virginia Ave NW and boasts 250 units along with 4,747 square feet of retail space. The joint venture has plans to rebrand the property and enhance its common areas while also offering furnished units specifically tailored to meet the needs of students and staff at George Washington University.
Boathouse offers an array of amenities including a business center, rooftop lounges with stunning views of the city skyline,a pool deck perfect for relaxing on warm summer days,a state-of-the-art fitness center,and convenient indoor parking options.
According to Stephen Bus,the managing partner for Up Campus Student Living,”Boathouse presents an exceptional opportunity to elevate this luxury asset near George Washington University by catering specifically towards student needs.” He further added that their value-add strategy will transform the property into a vibrant community environment through Up Campus’s vertically integrated on-site management services.
The recent acquisition by these prominent firms marks another successful investment in D.C.’s thriving real estate market as they continue their pursuit towards creating upscale living experiences without compromising on quality or convenience.
