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UIP, Atalaya Purchase Onyx on First for $95.5 Million

J.P. Morgan Divests 266-Unit Apt. Bldg. in SE D.C.
January 29, 2018
After a wave of office deals capped off by last week's record-breaking sale at 900 G St., a 266-unit apartment complex in Southeast Washington, D.C. has come off the market for nearly $100 million.

Urban Investment Partners (UIP), a locally-based real estate investment firm, purchased Onyx on First, a 14-story multifamily building located on the corner of L and 1st streets in Southeast D.C.'s Capitol Riverfront, from J.P. Morgan Investment Management for $95.5 million, or approximately $359,000 per unit.

The acquisition is the largest ever single-asset purchase for UIP, which partnered with New York City-based Atalaya Capital Management to acquire the asset. Concurrent with the sale, the venture sold the fee to Safety, Income & Growth (NYSE: SAFE), a New York City-based outfit that specializes in ground leases, and entered into a 99-year flexible ground lease.

Onyx on First delivered in 2008 steps from the Navy Yard metro station and two blocks from Washington Nationals park at 1100 1st St. SE. Originally built by Faison Development for condominiums, the complex was converted to apartments upon completion. In 2013, J.P. Morgan Investment Management acquired Onyx for $82.3 million.

Onyx at First features a unit mix of studio, one- and two-bedroom apartments ranging from 550 to 1,121 square feet. On-site amenities include a roof deck and pool, fitness center, picnic area with grills, courtyard, concierge and underground parking.

As part of the company's TOPA agreement with the building's tenants, UIP will carry out a number of building improvements including renovating the outdoor kitchens on the roof deck and installing cell phone repeaters and dog runs.

Andy Weiss of Gem Equity arranged the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae.
Please see CoStar COMP #4117007 for more information on this transaction.
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