GW Dorm To Get Makeover From Private Developer
A 12-story former George Washington University dorm will soon be getting a makeover after being purchased by a private developer in May.
An affiliate of Bethesda-based Varsity Investments bought the building in May for $78.3M and plans to reopen it in January after significant renovations, the Washington Business Journal reports.
The apartment building at 950 24th St NW, Varsity on K, will be aimed at college seniors, grad students, visiting interns and recent graduates.
Varsity also developed the 901-bed high-end Varsity apartment building just off the University of Maryland campus in College Park. The developer plans to turn the '80s-era Foggy Bottom dorm into 197 fully furnished units with wood floors, stainless steel appliances, quartz countertops, walk-in closets, and washers and dryers.
Rents have not been announced, but developers should be wary of making rent too high as Millennial wages remain stagnant. [WBJ]
