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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
- ◦Sale/Acquisition