UIP Acquires Capitol Riverfront Apartment Building For $96M
The D.C.-based firm, in partnership with New York-based Atalaya Capital Management, acquired Onyx On First at 1100 First St. SE from JPMorgan Chase.
The 266-unit apartment building sits next to the Navy Yard Metro station, just two blocks from Nationals Park. Faison Development originally built the project in 2008 as condominiums, but converted it to apartments upon delivery. Faison then sold the building to JPMorgan for $82M in 2013.
JPMorgan brought the building to market in 2016. The property's tenants then organized under D.C's Tenant Opportunity to Purchase Act and assigned their acquisition right to UIP.
To win over the tenants, UIP agreed to expand the outdoor kitchens on the roof deck, install dog runs and install cellphone repeaters in the building to improve reception. Upon purchasing the property, UIP and Atalaya sold it to, and entered into a 99-year ground-lease with, Safety, Income & Growth Inc.
UIP has several ongoing projects in the D.C. area, including the redevelopment of two former Howard University dorms into apartments, the transformation of a former George Washington University dorm into apartments, the conversion of Tenleytown office buildings into apartments and a 260-unit mixed-use project in Hyattsville.