The owners of City Hall sold the building for more than $78 million last month, just in time for the end of GW’s 15-year lease on the former residence hall.

The owners of the building, 24th and K Street Associates LLC, sold the property to Durant Berkeley Partners LLC in May, according to Washington Business Journal.

The $78 million selling price places the value of the 197 two-person units at about $397,000 each. Nearly 380 students, mostly upperclassmen and transfer students, lived in the residence hall during the 15 years GW leased the building.

The building was previously the St. James Suites in the 1980s, a hotel for short-term corporate housing.

The end of the lease arrives in time for the opening of District House in the fall. The new residence hall will offer nearly 900 beds and include five restaurants in the fall.

This post has been updated to reflect the following correction:
The Hatchet incorrectly reported that District House will have more than 800 rooms. The building will offer nearly 900 beds. We regret this error.