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.
South Cathedral Mansions, a landmark apartment building situated in Woodley Park on prestigious Connecticut Avenue in Washington, DC, has changed hands for only the fourth time since it was designed and developed in 1922 by the iconic team of Harry Wardman and Mihran Mesrobian. Located one block from the Woodley Park/Adams Morgan Metro station and directly across from the National Zoo, the 131-apartment property was acquired by Commonwealth Cooperative, a recently formed group of Washington, DC multifamily industry veterans.