Since January, 2003

May 21, 2004

December 15, 2013
3rd at Tingey, Looking Northeast (see more)

Residents at three of the neighborhood's "new" apartment buildings--the Jefferson and Axiom at 70 and 100 I Street, and the 909 New Jersey Avenue building, branded together as "Capitol Yards"--are reporting the posting today of public notices, along with e-mails from management, announcing that the buildings are under contract to be sold.
Who is (are) the buyer(s)? As of now I've only seen the paperwork for 100 I (thanks to reader B.), which says that it's "100 Eye Street Acquisition LLC c/o J.P. Morgan Investment Management." UPDATE: Plus, via reader S., I hear the buyer for 909 New Jersey is, as suspected, "909 New Jersey Ave Acquisition LLC," and reader M. says that the buyer for 70 I is, you guessed it, "70 Eye Street Acquisition LLC."
So, as required by DC law, the buildings are now being offered for sale to the tenants, which happens "after the owner has accepted (ratified) a third party sale contract for the housing accommodation."
That paperwork says that the price of 100 I for any tenant organization that may form to purchase the 246-unit building would be $93,879,000; readers report that the number for 70 I (448 units) is about $165 million, and 909's price (237 units) is around $95 million, which presumably are all somewhere in the neighborhood of the contract sales prices.
Apparently the buildings went up for sale sometime over the summer (can't believe no one blabbed!), joining the Onyx on First apartment building a few blocks south on the sales block.
JPI East, which developed the three buildings during the high-flying mid-2000s, was already a wounded casualty of the Economic Difficulties when two of its executives took what was left of the company and partnered with folks from Akridge to form the Jefferson Apartment Group. But 70/100/909 apparently remained part of JPI's holdings, as did the empty lot at 23 I Street where JPI's fourth apartment building had been planned, until it was foreclosed upon and picked up by Ruben Companies in late 2009. The three buildings, completed in 2008 and 2009, have been managed by Greystar ever since JPI sold its property management division to the company.
I'm sure there's much more to be told, and I'm hoping this barebones blog post (written by a very bleary blogger back from an unexpected 36-hour road trip) will shake out a bit more info. If anyone from 909 NJ or 70 I wants to check the paperwork to see if the buyer listed is some similar variant to 100 I's LLC/JP Morgan entry, that'd be fab.
Also, if any tenant groups are planning to form and shake out their collective sofa cushions in search of $95 million or more, be sure to let me know.
UPDATE: I've reworked the opening of this post a bit after getting some additional information. And an e-mail going out to residents about the sale reminds tenants that "your tenancy, including your rent, lease term, and the services and amenities you receive, are governed by your lease."
 

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Comments

bleeper1 says: (1/30/12 10:44 PM)
I just moved into 909. If anyone knows how to translate this stuff into English, that would be most helpful. My only concern is whether my lease will remain valid for the next 12 months, regardless of what happens with the sale.

jcm9921 says: (1/31/12 12:13 PM)
Your lease is fine, renewal may be interesting, but for the length of your lease nothing can change...I haven't read the whole contract downstairs(or my lease in several months) but I am sure there is something about assignees...which covers sales and basically means the new owners have to act the same as the old owners in terms of any existing leases(although I only got a B+ in contracts back in law school)...more importantly, I am concerned about the staff, not sure of their situation.

Tee says: (1/31/12 10:04 PM)
I found this on the internet, I could be wrong but based on my calculations my 750 sq ft apt could go for $225k. If you hear of anyone planning to develop a tenant assocation for purchase at the Jefferson, please let me know.

Or if you could tell me how to get it started that would be great as well.


https://www.cbremarketplace.com/7417/Internal%20Documents/Capitol%20Yards%20Portfolio%20ES.pdf



Clementine says: (2/1/12 9:54 AM)
I took a quick look at the 100 I contract this morning and it looks like the buyer is a real estate investment trust managed by JP Morgan's Commingled Pension Trust Fund (Strategic Property). The concierge and cleaning contracts seem to be being picked up, but I didn't see the overall Greystar management contract on either the schedule of included or excluded service contracts. It may be addressed somewhere deeper in the text of the contract, I only read the purchase section and those exhibits.

tspaquin says: (2/3/12 2:41 PM)
My line of work includes DC Real Estate and landlord/tenant matters, but I'm not a lawyer, so take this for what it's worth.

In DC, you have something called "TOPA" - which stands for the Tenant's Opportunity to Purchase Act. This law requires that for a sale of any residential rental property that is not vacant, i.e. has tenants currently living there, the seller must give the tenants the first opportunity to purchase the property. When there is a 3rd party contract, the tenants are giving a period of time in which to unite and form a tenant association, make an offer on the property (I believe you must at least match the 3rd party offer), and obtain financing. If you have already been put on notice of the proposed sale with the proper TOPA notices being mailed to you and posted in our property, then the clock is ticking. I believe you have 45 days to form a tenant association.

This translates into a great opportunity for many renters in DC. However, if you don't have a sufficient number of tenants interested in buying the building, then the sale can go through to the 3rd party. I believe any leases in place would remain in effect. Certain things could change with a new owner.

If there is sufficient interest among you and your neighbors to purchase your apartment building (usually such a move would result in a condominium regime) -- then you should consult an attorney who is knowledgeable in these matters immediately. My law firm specializes in such things, if you want to contact us.

- Tom


monicaterp says: (2/8/12 9:57 AM)
I hope this message reaches all that responded earlier. Jefferson and Axiom are both indeed trying to form tenants associations. I only know about the Jefferson's. We are forming for all residents so that we can hope to have some say in negotiations with the property. We are NOT all planning to buy our units or the building. With TOPA, residents may negotiate all terms of the sale- relocation money for those wishing to move, purchase options for those wishing to buy, and rent concessions for those who want to continue renting. Regardless of if and when a sale takes place, the tenant assoc can also assist us with communications with management regarding building issues. PLEASE sign up- there is NO FEE OR OBLIGATION. We currently just need a majority of tenants to give us their names, in order to legally form the assoc. AGAIN, THERE IS NO OBLIGATION TO BUY YOUR UNIT!!! E-mail jcytenants@gmail.com with your name & apt number PLEASE!!!

JD says: (2/8/12 10:13 AM)
(Asked on Twitter, but I'll ask here). Have the tenants received the separate notification that I think is required under DC law that the building is going to be switched to condos? That wasn't part of the notifications received last week.


monicaterp says: (2/8/12 10:32 AM)
(from twitter) Current management is insisting the buyers want to keep it a rental. Tenant assoc can neg terms of sale influencing either way though....I, for example, wish to move out completely, but it would be nice to receive relocation $. This is not rare- see this article: link Residents who wanted to move got $20,000!!!!!

tspaquin says: (2/17/12 9:57 AM)
The only way they would offer move-out $$ would be if they want to convert it to condos. If they want to keep it rental, there is no reason to offer any move-out incentive.

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Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
100 B/O L ST SE   THEFT F/AUTO /  04/05/14
1500 B/O SOUTH CAPITOL ST   THEFT /  04/04/14
330 B/O K ST SE   THEFT /  04/04/14
16 B/O M ST SE   THEFT /  04/04/14
700 B/O L ST SE   THEFT /  04/03/14

Active Public Space Permits Archive  
1011 1ST ST SE    COLIN CLARK 
Pending
excavation; new  
 03/03/14
to
05/01/14
    COLIN CLARK 
Approved (Pending Payment)
paving; landscaping; new  
 04/23/14
to
06/27/14
1331 2ND ST SE    Carlton Ray 
Assigned
paving; streetfixture; excavation  
 02/10/14
to
02/09/15
1201 M ST SE    Michael Manoski 
Pending Document
excavation  
 05/06/13
to
05/05/14
1333 M ST SE    WASHINGTON GAS 
Assigned
excavation  
 05/01/13
to
04/30/14
1111 NEW JERSEY AVE SE    NJA Associates LLC 
Assigned
paving; streetfixture; landscaping; excavation; new  
 06/03/13
to
06/02/14
301 TINGEY ST SE    Chuchart Kampirapang 
Assigned
 
 06/07/13
to
06/06/14
    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14

Recent Issued Building Permits Archive  
1011 1ST ST SE   
04/09/14 
MILLER?LONG
AH1400386 / CONSTRUCTION
AFTERHOURS TO TAKE DOWN TOWER CRANE WITH 200 TON CRANE SAT ? SUN 4 / 12 / 2014 AND 4 / 13 / 2014 FROM 5AM TO 9PM
   
04/21/14 
TOLL DC LP / DELAWARE ELEVATOR INC
EN1401543 / SHOP DRAWING
TYPE OF ELEVATOR : ONE (1) MRL / STEEL / FRONT OF BLGD / PASSENGER. (VELOCITY RIVER PARK / PLASE 2 / CAR A)
1381 1ST ST SE   
04/07/14 
DISTRICT OF COLUMBIA /
SB1400233 / CONSTRUCTION
INSTALLATION OF 3 GEO SOIL BORINGS TO A DEPTH OF 30FT 4' DIAMETER USING GEOPROBE 3 OUT OF 3 ARE TMMW
1212 4TH ST SE   
04/09/14 
GSA GSA / BRIAN FREW; GSA GSA; JOSEPH RICHARDS
E37554102 / SUPPLEMENTAL
1000 5TH ST SE   
04/04/14 
DC HOUSING AUTHORITY / KIM MITCHELL CDKM CONSULTING LLC
B1404942 / CONSTRUCTION
TEMPORARY CONSTRUCTION TRAILER TEMPORARY CONSTRUCTION FENCE AROUND THE PERIMETER OF THE PROPERTY AND TWO PORTA POTTIES AND TO INCREASE TO A TOTAL OF 4 PORTA POTTIES AT THE PEAK OF CONSTRUCTION. TRAILERS WILL BE ON BLOCKED ON TEMPORARY CMU BLOCKS - POWERED FROM TEMPORARY SERVICE BY PEPCO TRAILERS WILL BE EQUIPPED WITH RESTROOM SYSTEM THAT WILL BE SERVICED - NO PLUMBING LINES AS THEY ARE SELF CONTAINED
   
04/11/14 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / KIM MITCHELL CDKM CONSULTING LLC
SH1400015 / CONSTRUCTION
SHEETING ? SHORING FOR NEW COMMUNITY CENTER
1220 12TH ST SE   
04/15/14 
WASHINGTON GAS LIGHT CO / STEPHEN R. HOLMAN
P1404623 / SUPPLEMENTAL
1015 HALF ST SE   
04/09/14 
HALF ST SE LLC / SAM HOLLEN RAMCO OF DC INC.
B1405731 / CONSTRUCTION
INTERIOR RENOVATION FOR 1ST FLOOR SERVICE CORRIDOR. PARTITIONS DOORS MECHANICAL ELECTRICAL AND LIFE SAFETY.
75 I ST SE   
04/07/14 
DRI DEVELOPMENT SERVICES LLC / JOSE S ALVARADO; DRI DEVELOPMENT LLC; JOSE S ALVARADO
E16994763 / SUPPLEMENTAL
   
04/07/14 
DRI DEVELOPMENT SERVICES LLC / JOSE S ALVARADO; DRI DEVELOPMENT LLC; JOSE S ALVARADO
E10943636 / SUPPLEMENTAL
409 I ST SE   
04/07/14 
SCOTT A FAULK TRUSTEE / RALPH THREATT
E1404619 / SUPPLEMENTAL
309 K ST SE   
04/06/14 
GERRITT LANG
PC61450444 / POST CARD
REPLACEMENT OF NOT MORE THAN 1 GAS APPLIANCE ON A RESIDENTIAL COMMERCIAL OR INDUSTRIAL PROJECT.
306 L ST SE   
04/17/14 
MICHAEL THOMPSON
B1311538 / CONSTRUCTION
1.CRAWL SPACE FOUNDATION REPAIR CRAWL SPACE UNDERPINNING AND EXCAVATION 2. ADD CONCRETE SLAB AND EGRESS WINDOW. 3. UPGRADE EXISTING ELECTRICAL PLUMBING AND MOVE MECHANICAL CLOSET
601 L ST SE   
04/21/14 
DC HOUSING AUTHORITY / ANGEL REYNOLDS
SH1400035 / CONSTRUCTION
TEMPORARY SHEETING AND SHORING REQUIRED TO ALLOW CONSTRUCTION PF NEW BUILDING AT 601 L ST SE.
50 M ST SE   
04/17/14 
KEN FINKELSTEIN ENGLEWOOD LLC / DAVID BOOKBINDE ECS MID-ATLANTIC LLC
SB1400244 / CONSTRUCTION
A TOTAL OF 6 BORINGS WILL BE ADVANCED ACROSS THE PROPERTY WITH A GEOPROBE DRILL RIG TO A DEPTH OF 25 FEET BELOW SURFACE GRADE. THE DIAMETER OF THE BOREHOLE WILL BE 2.25 INCHES. SOIL WILL BE SCREENED THROUGHOUT THE DEPTH OF EACH BORING AND EACH 5-FOOT COMPOSITE SAMPLE WILL BE ANALYZED. GROUNDWATER WILL BE COLLECTED FROM TEMPORARY WELLS IN THREE BORINGS IF ENCOUNTERED. ALL BORINGS WILL BE GROUTED WITH APPROVED BENTONITE SLURRY UPON COMPLETION. SEE WORKPLAN FOR ADDITIONAL DETAILS.
901 M ST SE   
04/14/14 
CARLTON RAY / DANIEL SCHAALE
AH1400397 / CONSTRUCTION
EXCAVATION IN ROADWAY
1201 M ST SE   
04/14/14 
CARLTON RAY / DANIEL SCHAALE
AH1400396 / CONSTRUCTION
EXCAVATION IN ROADWAY
   
04/14/14 
SAMUEL PAXTON
PC81065987 / POST CARD
REPLACEMENT OF NOT MORE THAN 1 PLUMBING FIXTURE ON A RESIDENTIAL COMMERCIAL OR INDUSTRIAL PROJECT.
86 N ST SE   
04/17/14 
BELFAST VALLEY CONTRACTORS / KIM MITCHELL CDKM CONSULTING LLC
TC1400011 / CONSTRUCTION
ERECT TEMPORARY TOWER CRANE AT 1ST AND N ST SE
1000 NEW JERSEY AVE SE   
04/14/14 
PHILIP BROWN
PC47087282 / POST CARD
REPLACEMENT OF NOT MORE THAN 1 GAS APPLIANCE ON A RESIDENTIAL COMMERCIAL OR INDUSTRIAL PROJECT.
1500 SOUTH CAPITOL ST SE   
04/07/14 
WASHINGTON NATIONALS STADIUM LLC / FRED GRIFFITH; WASHINGTON NATIONALS STADIUM LLC; JAY LIVESAY
E53144683 / SUPPLEMENTAL
301 TINGEY ST SE   
04/11/14 
NA NA NA
EHOP1490466 / HOME OCCUPATION
   
04/11/14 
NA NA NA
EHOP1490467 / HOME OCCUPATION
301 WATER ST SE   
04/04/14 
FC LUMBER SHED LLC / RICHARD V CAREY
P1404549 / SUPPLEMENTAL
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


Projects Underway
Twelve12/Yards
Park Chelsea
Southeast Blvd.
River Parc
  
Nationals Park
Visiting Nats Park
What's New Around the 'Hood
Food Options Map
Parking/Transportation
Ballpark Construction Photos
Stadium Event Photos
In the Pipeline
Hampton Inn
1111 New Jersey
800 NJ/Whole Foods
Lofts at Capitol Quarter
Ballpark Square
New Douglass Bridge
Yards at DC Water
Virginia Ave. Tunnel
99 M St.
Monument/Half Street
Community Center
Capper Apartments
250 M Street
Florida Rock
909 Half Street
Congressional Square
1000 South Capitol
SC1100
New Marine Barracks
Factory 202/Yards
Nat'l Comm. Church
Completed
Lumber Shed ('13)
Boilermaker Shops ('13)
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts/Yards ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 NJ Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
Nationals Park ('08)
70/100 I ('08)
Seniors Bldg Dem. ('07)
400 M ('07)
SoCap Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Overviews
Capper/Carrollsburg
Ballpark District
New Jersey Ave.
M Street
South Capitol St.
WASA
The Yards
Lower 8th Street
East M Street
Boathouse Row


Links of Interest

JDLand.com Wins 2008 Knight-Batten Citizen Media Award
As part of the Knight-Batten Awards for Innovations in Journalism, JDLand was given the 2008 Citizen Media Award. Read all about it.

Capitol Riverfront Business Improvement District
Covering Near Southeast & Buzzard Point.

Studies/Initiatives/Government Documents:
11th Street Bridges EIS
South Capitol St. Bridge EIS
South Capitol Gateway Corridor/Anacostia Access Study
Anacostia Riverwalk Trail
NCPC's New Vision for South Capitol Street (2005 Update)
Anacostia Waterfront Initiative (2005)
Near Southeast Draft Urban Design Framework (2003)
Urban Land Institute South Capitol Street Corridor Report (2003)
Neighborhood Strategic Action Plan (2002)
DC Streetcars (may run down M Street SE someday)

Capitol Gateway and Southeast Federal Center Zoning Overlays
Two documents that spell out in extreme detail exactly what the requirements are for developments along South Capitol, M, in the Ballpark District, and at "The Yards". Read also my short explanatory treatise on these two overlays.

Pre-Redevelopment Media Overviews:
A Transformed Neighborhood Awaits Stadium (WP, 8/15/05)
      includes huge map of development plans
The Morphing of a Forgotten Neighborhood (WP, 9/2/2004)
      A brilliant take on the neighborhood!
Betting Big on Near Southeast (WP, 7/15/04)
Hope for the Waterfront (WBJ, 01)
Seeking a Better View On the Waterfront (WP, 3/8/98)
 

DC Government
Mayor's Office
Planning/Economic Development
   Office of Planning
DC Consumer & Regulatory Agency
DC Office of Zoning
DC Municipal Regulations | Zoning
DC Dept. of Transportation

DC City Council
Tommy Wells

ANCs: 6D | 6B
David Garber (6D07)
Kirsten Oldenburg (6B04)
Police: MPD-1D | PSA 105

Other Organizations
National Capital Planning Commission
Earth Conservation Corps
Capitol Hill Restoration Society
Barracks Row Main Street
Marines Community Integrated Master Plan
 

 

News Publications
The Hill Rag
The Southwester

Other DC Neighborhood/City Blogs
SW DC - The Little Quadrant That Could
The Hill is Home
Congress Heights on the Rise
Greater Greater Washington
WashCycle
Penn Quarter Living
Frozen Tropics
The Triangle
14th and You
The 42
Beyond DC
Richard Layman
 




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