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Washington DC & Mid-Atlantic  + Weekender  | 

UIP Buys DC MF Building for $96M

Washington, DC-based Urban Investment Partners (UIP) closed on Onyx on First, a 266-unit, Class A apartment building located in Washington, DC’s Capitol Riverfront neighborhood for $95.5 million. UIP partnered with New York-based Atalaya Capital Management to acquire the asset from J.P. Morgan.

UIP and Atalaya bifurcated the fee and leasehold, selling the fee to Safety, Income & Growth Inc. and entering into a 99-year flexible ground lease.

Located two blocks from Washington Nationals Park at 1100 First St., SE, near the Navy Yard Metro station, the property was built in 2008 as condominiums, but converted to rental apartments upon delivery, then sold in 2013. When brought to market in 2016, the building’s tenants organized under the District’s Tenant Opportunity to Purchase Act (TOPA) and assigned acquisition rights to UIP.

Gem Equity’s Andy Weiss structured the ground lease placement. Meridian Capital’s Jacob Katz represented Capital One and Fannie Mae in the debt placement.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition