Washington, D.C.-based real estate investment company Urban Investment Partners (UIP) recently purchased a 10-story building located at 2601 Virginia Avenue NW, previously known as Hall on Virginia Avenue. According to a press release, George Washington University (GWU) previously owned the building and used it for student housing for 17 years. The sale totaled $36 million.
UIP plans on developing approximately 200 apartments in the 97,300-square-foot core and shell and building 50 units in a 40,000-square-foot addition on the building’s east side, according to a press release. An 8,000- to 10,000-square-foot restaurant or coffee shop will also be created on the first floor. The building currently houses a 200-space below-grade parking garage. Amenities planned include a rooftop deck, swimming pool, library, multimedia theatre, and 24-hour honor-based convenience store. Once the redevelopment is complete, the building will be known as Boathouse.
This past March, Washington Business Journal reported that GWU demolished the interior of the building in order to create new student and faculty housing. GWU later placed the property on the market after withdrawing plans for a $35 million renovation.
The property was previously known as the Howard Johnson hotel. In 1972, it was the site where the "Watergate burglars" held the stakeout during the break-in at the Democratic National Headquarters, according to the Washington Business Journal.
Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE Group Inc. represented GWU in the sale.