GW has sold the Hall on Virginia Avenue for $36 million, the University announced Friday.

The building was sold to Urban Investment Partners and JP Morgan, two organizations specializing in property management and financial services. Officials announced that they would consider selling the former graduate residence hall in November, abandoning plans for a $35 million facelift to the building as a concession to the students who would stay there. Officials selected CBRE Group, Inc. as a broker to find potential buyers for the building in January.

The former residence hall will be turned into residential apartments, according to a release.

Senior Associate Vice President for Operations Alicia Knight said in a statement that the money will go toward GW’s academic and research missions.

“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,” she said in the release.

The building was one of GW’s two graduate residence halls until it closed for renovations in May 2014. The renovated building was to feature common rooms and up to half of it could have been reserved as housing for faculty.