Hall on Virginia Avenue landed on the US political map in the 1970s when it was operating as a Howard Johnson hotel — rooms 419 and 723 were used as a lookout for the infamous Watergate burglars who broke into the Democratic National Committee offices in the nearby Watergate office building. The ensuing scandal ultimately led to President Richard M. Nixon's resignation. Room 723 was preserved as a museum until 2001, when the exhibit was moved to the GWU archives.

“This transaction is consistent with our strategy of acquiring underutilized structures in prime locations and restoring them to productive use as class A multifamily buildings,” said UIP Vice President of Development Brook Katzen. Earlier this year, UIP purchased three office buildings from American University, most of which is being converted into new apartments.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

WASHINGTON, DC-Urban Investment Partners has acquired a core-and-shell building that was once a student dorm for George Washington University. It paid the university $36 million for the 10-story, 97,300-square foot structure located at 2601 Virginia Ave., NW, with plans to redevelop it into a multifamily property.

GWU had used the building, Hall on Virginia Avenue, as a dorm for 17 years and then gutted the interior about a year ago with plans to redevelop the building into a new student and faculty housing. Later, it decided to sell instead.

CBRE's Bobby Meehling, Andy Wimsatt, and Peter Larkin represented GWU in the sale.

UIP plans to develop the existing building 200 rental apartments and build about 50 more units in a new 40,000-square foot addition on the building's east side. There will be an 8,000 to 10,000 square feet coffee shop on the first floor. The new development will be called Boathouse.

Hall on Virginia Avenue landed on the US political map in the 1970s when it was operating as a Howard Johnson hotel — rooms 419 and 723 were used as a lookout for the infamous Watergate burglars who broke into the Democratic National Committee offices in the nearby Watergate office building. The ensuing scandal ultimately led to President Richard M. Nixon's resignation. Room 723 was preserved as a museum until 2001, when the exhibit was moved to the GWU archives.

“This transaction is consistent with our strategy of acquiring underutilized structures in prime locations and restoring them to productive use as class A multifamily buildings,” said UIP Vice President of Development Brook Katzen. Earlier this year, UIP purchased three office buildings from American University, most of which is being converted into new apartments.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.