Urban Investment Partners has closed on Onyx on First, a 266-unit, Class A apartment building located in the Capitol Riverfront neighborhood of Washington, DC for $95.5 million. This is UIP’s largest ever single-asset transaction and its first of 2018. UIP partnered with Atalaya Capital Management of New York City on the acquisition. The new ownership plans to work with the building’s residents under the District’s Tenant Opportunity to Purchase Act (TOPA) to undertake a variety of building improvements.
The JCR Companies has acquired the Center at Innovation in Manassas, VA for $31 million. The 101,990 SF shopping center, shadow-anchored by a Super Target, is over 90 percent leased to a mix of national, regional, and local tenants including TJ Maxx, PetSmart, Chick-Fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless, and Red Robin. JCR plans to sell the three pad sites that are currently leased to Chick-Fil-A, SunTrust Bank, and Red Robin, and to fully lease the inline space. The new ownership already has begun negotiations with potential buyers for the pad sites.
Washington Property Company of Bethesda, MD has hired Quinn Rounsaville as Vice President, Acquisitions, a newly created position. With 14 years of experience at JBG Companies, Mr. Rounsaville is responsible for sourcing and analyzing acquisition opportunities and negotiating the resulting transactions. He also will be involved in company strategic planning.
Washington REIT is under contract to acquire Arlington Tower, a 398,000 square foot Class A office building in the heart of the rapidly developing Rosslyn submarket of Arlington, VA for $250 million. This 19-story property at 1300 North 17th Street is situated just two blocks from the Rosslyn Metrorail station, and provides panoramic views of the Potomac River, downtown Washington’s iconic monuments, and the US Capitol.