Washington, D.C. — Urban Investment Partners (UIP) has acquired a ten-story student housing building from George Washington University (GWU) for $36 million.
The property is located across the street from the Watergate mixed-use complex in Washington, D.C. GWU recently demolished the building’s interiors with plans to create new student and faculty housing.
UIP plans to develop approximately 250 new rental apartments and a ground floor restaurant/coffee shop within the existing space and a 40,000-square-foot addition to the building’s east side. The property — to be renamed Boathouse — offers underground parking for 200 vehicles and bike storage and care facilities with lockers. Community amenities will include a rooftop recreational area; a large swimming pool; fire pits; a gourmet kitchen; a fitness center; a bike share program; a library; a multimedia theatre; and a 24-hour convenience store.