GW will soon sell its W Street residential property near the Mount Vernon Campus, which most recently served as the provost’s residence, according to a University release Monday.

The proceeds from the sale will fund financial aid for students in the the Women’s Leadership Program and University Honors Program, which are both housed on the campus, according to the release.

Provost Forrest Maltzman said in the release that selling the house will allow the University to invest in additional financial aid to support students.

“Selling the W Street House presents an opportunity for the university to continue to invest in financial aid, supporting our students so they can take full advantage of a GW education regardless of financial resources,” Maltzman said.

The University first took ownership the house as part of its acquisition of the Mount Vernon Campus in 1999, according to the release.

The house was most recently the provost’s residence but has been vacant since former Provost Steven Lerman stepped down at the end of 2015. Lerman hosted monthly “Pancakes with the Provost” events for students in the house.

Alicia Knight, the senior associate vice president for operations, said in the release that officials considered selling the property because it was already vacant.

“In this case, we decided that it was in the university’s best interest to offer the property for sale,” Knight said in the release.

Washington Fine Properties will represent GW in the sale, according to the release.