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.
StoneBridge Investments of Washington, DC has acquired Copper Spring, a 366-unit apartment community in the prestigious West End submarket of Richmond, VA, for $54.2 million. The new ownership plans to undertake strategic upgrades to the clubhouse and other amenities, as well as some of the residences. Copper Spring is StoneBridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket.
Pennsylvania-based 5 Cap Realty LLC (5 Cap) and its affiliate RREIC Advisors has teamed with a private equity fund vehicle managed by JMP Asset Management LLC, an affiliate of publicly traded JMP Group LLC, to launch a multi-year national investment venture that could top $1 billion in assets under management.
Washington Property Company (WPC) of Bethesda, MD has acquired two office buildings in the Maryland and Virginia suburbs of Washington, DC for a total of $7.96 million. These acquisitions – one in Montgomery County, MD and the other in Fairfax County, VA – represent deep-value opportunities from motivated sellers.