Joint Venture Acquires 281-Bed Student Housing Property in Washington, D.C. for $67.5 Million

Washington, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has acquired Boathouse, a 281-bed student housing property located in the Foggy Bottom neighborhood of Washington, D.C., for $67.5 million. The community offers 250 units in studio, one- and two-bedroom configurations at 2601 Virginia Ave. for students attending George Washington University. The property also features two levels of underground parking and 4,747 square feet of retail space. Shared amenities include a business center, rooftop lounge, pool deck, grilling stations, fitness center, package lockers, dry cleaning drop-off and bike storage. The new ownership plans to rebrand the community and enhance the lobby and other common areas, as well as offer fully furnished units. The seller in the transaction was not disclosed.