Urban Investment Partners, Atalaya Acquire Apartment Community in Washington D.C. for $95.5M
WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) and Atalaya Capital Management has acquired Onyx on First, a 266-unit apartment community located in Washington, D.C.’s Capitol Riverfront neighborhood for $95.5 million. The seller was J.P. Morgan, according to the Washington Business Journal.
Constructed in 2008, Onyx on First was originally developed by Faison Development as condominiums, but was converted to rental apartments upon delivery. The property is located at 1100 First St. S.E., two blocks from Washington Nationals Park and near the Navy Yard Metro station.
The community features shared amenities including a rooftop deck and pool, fitness center, picnic area with grills, courtyard, underground parking and controlled-access entry.
The new ownership will update the property by installing cell phone repeaters to improve cell phone service, expanding the outdoor kitchens, installing dog runs and adding other building enhancements.
Upon closing, UIP and Atalaya separated the land and building and sold the land to Safety, Income & Growth Inc. (SAFE), a publicly traded owner of ground-net leases. SAFE then leased the land to UIP under a 99-year ground lease.
Andy Weiss of Gem Equity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae in placement of debt.
The UIP family of companies owns and manages more than 2,800 apartments in Washington, D.C., and Maryland, and has renovated, restored and built more than 25 downtown apartment buildings and condominiums over the last 10 years.
New York City-based Atalaya Capital Management is a privately held, SEC-registered alternative investment advisory firm.
— Katie Sloan