Up Campus Student Living, Palmor Capital, BridgeInvest, and Sabal Investment Holdings have recently acquired Boathouse for $67.5 million. The Class A residential property is located in Washington D.C.’s Foggy Bottom neighborhood at 2601 Virginia Ave NW and features 250 units along with 4,747 square feet of retail space. The joint venture plans to rebrand the property and make improvements to common areas while also offering furnished units specifically designed for students and staff at George Washington University.
Boathouse boasts a variety of amenities including a business center, rooftop lounges, a pool deck, fitness center as well as indoor parking. According to Stephen Bus who serves as managing partner for Up Campus Student Living stated that “Boathouse presents an exceptional opportunity to enhance the luxury living experience near George Washington University by catering directly towards student needs.” He went on further stating that their value-add repositioning plan will transform the asset into one that fosters community through Up Campus’s vertically integrated on-site management.
The recent acquisition of this mixed-use development near George Washington University marks another successful investment by these prominent firms in DC’s thriving real estate market.
