Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings close $67.5 million transaction for premier student housing redevelopment

Washington, D.C., (July 8, 2024) — Up Campus Student Living, Palmor Capital, BridgeInvest, and Sabal Investment Holdings, announced today the acquisition of Boathouse, a Class A residential property situated in the Foggy Bottom neighborhood of Washington, D.C. The strategic joint venture was formed by Up Campus, Palmor, and BridgeInvest to operate the asset alongside capital partner, Sabal.

Located at 2601 Virginia Ave. NW, Boathouse features 250 studio, one and two-bedroom units spread across ten stories, totaling 281 beds. In addition, the property includes two levels of underground parking and 4,747 square feet of retail space.

With its prime location, just a 5-minute walk to George Washington University’s main campus, the partnership plans to undertake a targeted rebranding, enhance the lobby and common areas, and offer furnished units to establish Boathouse as a premier off-campus student housing property. It will offer an enhanced living experience by providing convenient, secure, and comfortable accommodations for undergraduate students, graduate students, and faculty-staff.

“Boathouse is an exceptional opportunity to enhance a distinct, luxury property near George Washington University to better meet the needs of students and our residents,” said Stephen Bus, managing partner for Up Campus Student Living. “Our value-add repositioning plan will transform the asset with student-focused enhancements, fostering a vibrant community environment through Up Campus’s vertically integrated on-site management.”

The property boasts high-end unit finishes such as quartz countertops, stainless steel appliances, and state-of-the-art amenities including Wi-Fi-equipped business center, rooftop lounges, pool deck, grilling stations, fitness center, Amazon package lockers, dry cleaning drop-off, and indoor parking with bike storage.

Andrew Horn, managing partner and founder of Palmor Capital, noted, “Boathouse’s prime location in Foggy Bottom ideally caters to the rising demand for quality off-campus housing in an area with limited competitive supply. Our strategic business plan will elevate student living by offering modern furnishings and best-in-class amenities tailored to their specific needs.”

Adds Jon Mirkin, managing director of Sabal Investment Holdings, “Our team’s ability to work with the existing ownership and lending group provided an opportunity to acquire this newly redeveloped housing asset at a significant discount to cost in a market with high barriers for new development. Located near two world-class universities, we see additional upside in maximizing the demonstrated demand for student housing in this location.”

George Washington University has an enrollment of more than 25,500 students while housing less than 7,200 in on-campus dorms.