Inside the million-dollar digs parents are buying D.C. college kids

State of play: It's not uncommon for parents to purchase properties for their kids to live in while they're studying at schools like Georgetown or George Washington, real estate agents tell Axios.

Yes, but: This isn't a small college town. D.C. has one of the country's most expensive real estate markets, and two of the nation's most expensive universities to attend.

What they're saying: Many parents are paying for these transactions in all cash, real estate agents tell Axios.

• "You're looking at people who are sending their kids to great universities that are quite expensive, and so these are affluent families that have the means," says agent Koki Adasi. "If they can avoid paying interest to a bank, why not park the money in a property?"

Many parents see this move as a financially savvy investment and a means of passing on nest eggs and intergenerational wealth to their kids, say agents.

• "[D.C. is] a strong enough market that they know their investments can be safe and that they'll probably make a little bit of money or, worst-case scenario, break even," says real estate agent Ben Roth.
• And because D.C. attracts so many transient professionals, buyers know they can probably rent out the property should they decide to hold onto it.

But some parents? Well, they're simply ensuring their children's quarters meet expectations, real estate agent Daryl Judy tells Axios.

• "Their child is not going to live in a dorm," says Judy. "They're not going to share a bathroom, they're not going to share a bedroom, they're not going to have tiled floors."

Zoom in: Home remodeler Michael Sauri worked for a client who bought a West End condo for their children to live in while they attended George Washington and Georgetown.

• The client spent over $2 million to buy the condo, which was in the same building now-Vice President Kamala Harris once lived in, says Sauri, then several millions revamping its interiors.
• "This project for three college kids might be among the highest-end work I have ever done."

The finished product had vibey rooms designed to look like nightclubs, Venetian plaster ceilings, an onyx kitchen island backlit with LED lights, and gold-leaf detail on the doors.

• Plus: $9,000 smart toilets for each of the kids' bathrooms. "These things sang to you," says Sauri.

Meanwhile, Adasi worked with a buyer who purchased a "sick penthouse" in Logan Circle for their Georgetown student.

• Think: two stories, with herringbone floors, handcrafted millwork, vaulted ceilings, a private rooftop deck, and an "insane" shower.
• The price tag: $1.6 million, all cash.

And real estate agent Mattia D'Affuso has completed several of these transactions — also all cash.

• Take a $1.3 million newly built condo for a Georgetown student with two bedrooms, two bathrooms. No roommate — the child needed the extra bedroom for studying.
• Or a newly renovated Logan Circle spot for a Georgetown Law School student costing around $1.3 million, with a marble bath and white oak floors.

Reality check: They're not all high-end pads. Some parents opt for more modest one-bedroom condos in the $300,000 to $400,000 price range, agents say.

The intrigue: This isn't just a thing for college students: Some parents who live farther outside the city buy or rent pieds-à-terre in D.C. when their children start at schools like Sidwell Friends or National Cathedral, sources tell Axios.