Local developer purchases former residence hall for $36 million, plans rental units.
The George Washington University has sold the Hall on Virginia Avenue (HOVA) to Urban Investment Partners (UIP), which plans to renovate the property to offer residential apartments for rent.
The 20,407 square feet of land and the existing building sold for $36 million.
“The university regularly reviews its real estate portfolio with the goal of maximizing its assets and brings an opportunity to the real estate market if there is a potential demand and the property is no longer strategically positioned for long-term ownership by the university,” said Alicia Knight, senior associate vice president for operations. “This sale allows the university to continue to invest in its academic and research missions.”
HOVA, 2601 Virginia Ave., NW, most recently served as a residence hall for graduate students until it closed in May 2014 for renovation.
After receiving interest from potential buyers late last year, the university chose CBRE Group, Inc., a commercial real estate services and investment firm, in January to solicit proposals from potential buyers. Following a competitive solicitation process, UIP was chosen as the successful purchaser.
HOVA, which is located near the Potomac River across the street from the Watergate, was formerly the Howard Johnson Motor Lodge. In 1972, the building was host to Alfred Baldwin, a former FBI agent and lookout for the Watergate burglars.