Four real estate companies, Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings have recently acquired Boathouse in Washington D.C.’s Foggy Bottom for $67.5 million. The Class A residential property is located at 2601 Virginia Ave NW and boasts 250 units along with 4,747 square feet of retail space. With plans to rebrand the property and improve common areas while offering furnished units specifically catering to students and staff of George Washington University.
Boathouse offers a variety of amenities including a business center, rooftop lounges, pool deck access as well as a fitness center and indoor parking options for residents. According to managing partner Stephen Bus from Up Campus Student Living “Boathouse presents an exceptional opportunity to elevate this luxury property near George Washington University by meeting the needs of both students and our residents.” Through their value-add repositioning plan they aim to transform the asset into one that caters specifically towards students with enhancements that foster community through their vertically integrated on-site management services.
The acquisition was made without any mention or involvement from Connect CRE or its affiliates.
