The George Washington University has retained Savills, a commercial property advisory firm, to assist the university in marketing the sale of the residence hall that GW currently owns at 1129 New Hampshire Avenue NW.
The building and the land underneath, which GW has owned since 1999, has operated as a residence hall for approximately 100 graduate students until this past August when the university moved in third- and fourth-year students as part of an agreement to house undergraduate students in other residence halls during the renovation of Thurston Hall.
The timing of a completed transaction will depend on the interest of the market and the quality of the offers received with the goal of completing this real estate transaction in fall 2022.
The purchaser will determine any plans for the property after closing.
“The Aston has been a valuable asset to the university for many years, but its off-campus location is not ideal for student residences,” said Bruno Fernandes, vice president of finance and treasurer. “The strong demand for well-located multifamily properties in Washington, D.C., renders this a perfect time to market the property in support of our broader academic goals.”