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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."
Comments (9)
 
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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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City Government Data for Near Southeast 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  
M ST SE AND HALF ST SE   ROBBERY /  08/17/14
800 B/O VIRGINIA AVE SE   THEFT F/AUTO /  08/17/14
M ST SE AND 5TH ST SE   THEFT F/AUTO /  08/15/14
1400 B/O 1ST ST SE   THEFT F/AUTO /  08/14/14
1000 B/O 1ST ST SE   BURGLARY /  08/12/14
800 B/O L ST SE   THEFT F/AUTO /  08/11/14
HALF ST SE AND L ST SE   THEFT F/AUTO /  08/11/14
1000 B/O NEW JERSEY AVE SE   THEFT /  08/07/14
1100 B/O 10TH ST SE   THEFT /  08/07/14
70 B/O I ST SE   THEFT /  08/02/14
100 B/O K ST SE   THEFT F/AUTO /  08/01/14
200 B/O L ST SE   THEFT F/AUTO /  07/30/14
L ST SE AND 2ND ST SE   THEFT F/AUTO /  07/30/14
70 B/O I ST SE   MOTOR VEHICLE THEFT /  07/29/14
70 B/O I ST SE   THEFT /  07/29/14
1100 B/O NEW JERSEY AVE SE   THEFT /  07/28/14
400 B/O K ST SE   THEFT /  07/24/14

Active Public Space Permits Archive  
1011 1ST ST SE    Pepco Holdings Inc 
Issued
excavation; new  
 06/26/14
to
08/26/14
1331 2ND ST SE    Carlton Ray 
Assigned
paving; streetfixture; excavation  
 02/10/14
to
02/09/15
908 3RD ST SE    Rachel Frankel 
Issued
streetfixture; new  
 07/24/14
to
09/21/14
1026 3RD ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 06/26/14
to
09/04/14
1331 4TH ST SE    Forest City Forest City 
Issued
excavation; new  
 01/10/14
to
02/10/15
913 5TH ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 06/26/14
to
08/28/14
1100 - 1199 BLOCK 1ST ST SE    tom cash 
Issued
excavation; new  
 06/27/14
to
08/25/14
410 M ST SE    Pepco Holdings Inc 
Issued
excavation; new  
 07/11/14
to
09/08/14
880 NEW JERSEY AVE SE    WASHINGTON GAS 
Issued
excavation; new  
 07/28/14
to
09/26/14
301 TINGEY ST SE    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14

Recent Issued Building Permits Archive  
1011 1ST ST SE   
08/06/14 
TOLL DC LP / MITCH A. PERMUY
E1407892 / SUPPLEMENTAL
   
08/11/14 
TOLL DC LP / ALBERT J. PEARCE
FB1400108 / SUPPLEMENTAL
1259 1ST ST SE   
08/11/14 
CAPITAL RIVERFRONT HOTEL LLC / CAPITAL RIVERFR HOTEL LLC
AH1400636 / CONSTRUCTION
AFTER HOURS FOR PERMIT NUMBER B1401471 FOR 8 / 12 THROUGH 9 / 11 FROM 5AM TO 7PM MONDAY THROUGH SATURDAY.
1212 4TH ST SE   
08/07/14 
TAKOREAN / FVI 2020
B1410615 / CONSTRUCTION
REVISION TO TL1400052 TO INCLUDE OUTDOOR SUMMER GARDEN WITH 14 SEATS AND 7 TABLES.
1201 4TH ST SE   
08/12/14 
JBG/FEDERAL CENTER LIC / JIM CALABRESE
AN1400129 / CONSTRUCTION
PLEASE EXTEND PERMIT AN1300174 THIS IS THE FIRST EXTENSION AND PERMIT WILL BE VALID UNTIL 1 / 31 / 2015.
1212 4TH ST SE   
08/05/14 
FC 1212 LLC / THE YARDS
TL1400165 / CONSTRUCTION
FIRST TIME TENANT LAYOUT FOR NEW MANAGEMENT OFFICE 2ND FLOOR TOTAL OF 780 SQ FT RENOVATION LIMIT TO MECHANICAL ELECTRIC AND FIRE LIFE SAFETY ONLY
1331 4TH ST SE   
08/14/14 
F. C. 1331 LLC / FVI 2020
B1402843 / CONSTRUCTION
CONSTRUCTION OF A BRAND NEW 11 STORY BUILDING. THE BUILDING IN TOTAL IS 350 000 SQ FT. ADDING 327 RESIDENTIAL RENTAL UNITS 20 000 SQ FT. IN COMMERCIAL SPACE AND 3 BELOW GRADE PARKING LEVELS.
   
08/15/14 
CLARK CONCRETE
AH1400650 / CONSTRUCTION
AFTER HOURS TO POUR CONCRETE ON JOBSITE FROM 7AM TO 7PM FROM SUNDAY TO SATURDAY 8 / 15 / 2014 TO 11 / 15 / 2014
1000 5TH ST SE   
08/07/14 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / KIM MITCHELL CDKM CONSULTING LLC
FD1400029 / CONSTRUCTION
FOUNDATION TO GRADE TO INCLUDE UTILITIES
   
08/13/14 
UNITED STATES OF AMERICA /
FD1400132 / CONSTRUCTION
NEW FOUNDATION TO GRADE PERMIT FOR NEW COMMUNITY CENTER INCLUDING UTILITIES. REVISION TO FD1400029 TO REVISE STRUCTURAL DETAILS OF COLUMS.
   
08/20/14 
UNITED STATES OF AMERICA / BRUCE G. PICKETT
E1408304 / SUPPLEMENTAL
1015 HALF ST SE   
08/12/14 
HALF ST SE LLC / SAM HOLLEN RAMCO OF DC INC.
TL1400162 / CONSTRUCTION
INTERIOR TENANT LAYOUT OF 1ST FLOOR PERFORMANCE STUDIO SPACE AND OFFICE SPACE. PARTITIONS FURNITURE MECHANICAL ELECTRICAL AND LIFE SAFETY. CBS
   
08/15/14 
HALF ST SE LLC / ROBERT L HUNTER
M1402951 / SUPPLEMENTAL
   
08/16/14 
SAM HOLLEN / DONALD VEALS; SAM HOLLEN; DONALD VEALS
E83010192 / SUPPLEMENTAL
200 I ST SE   
08/08/14 
DANIEL RILEY / OMAR BIAGAS; DANIEL RILEY; JOHN BIAGAS
E47247428 / SUPPLEMENTAL
41 L ST SE   
08/20/14 
WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY (WMATA) / SAMIR ALQUTRI - GEOTECHNICAL SOLUTIONS INC.
SB1400402 / CONSTRUCTION
GSI PLANS TO DRILL 4 SOIL TEST BORINGS TO CONFIRM SOIL STRENGTH WITH A HOLLOW-STEM AUGER EQUIPPED WITH A SPLIT SPOON SAMPLER FOR THE SPT N-VALUE TESTS DOWN TO A MAXIMUM DEPTH OF 80 FEET BELOW EXISTING GRADES. ALL BORINGS WILL BE DRILLED TO THE MAXIMUM DEPTH OR AUGER REFUSAL WHICHEVER OCCURS FIRST. THE BORE HOLES DIMENSION WILL BE 3.25 INCHES AND SHALL BE GROUTED UPON COMPLETION.
601 L ST SE   
08/06/14 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / JOSEPH M MAGNOLIA
P1407161 / SUPPLEMENTAL
20 M ST SE   
08/06/14 
SOUTHEAST REALTY LLC /
P1407613 / SUPPLEMENTAL
100 M ST SE   
08/06/14 
SQUARE 743 INC /
P1407610 / SUPPLEMENTAL
   
08/16/14 
NORTHWOOD INVESTERS LLC / STANLEY HUBBARD; NORTHWOOD INVESTERS LLC; STANLEY HUBBARD
E14516088 / SUPPLEMENTAL
901 M ST SE   
08/14/14 
CARLTON RAY
AH1400642 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
1201 M ST SE   
08/14/14 
CARLTON RAY
AH1400641 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
1111 NEW JERSEY AVE SE   
08/12/14 
NJA ASSOCIATES LLC / COLIN CLARK
B1308085 / CONSTRUCTION
CONSTRUCT A NEW 13 STORY APARTMENT BUILDING WITH THREE BELOW GRADE PARKING LEVELS FIRST FLOOR RETAIL A PRIVATE SWIMMING POOL PROJECTIONS OF BAY WINDOWS 324 UNITS TO INCLUDE MECHANICAL PLUMBING ELECTRICAL AND ELEVATOR WORK.
1500 SOUTH CAPITOL ST SE   
08/04/14 
LIVE NATION / DAVID VEGA
AH1400629 / CONSTRUCTION
TO CLOSE OFF STREETS FOR LOADING AND UNLOADING OF STADIUM EVENTS 7PM - 7AM
300 TINGEY ST SE   
08/05/14 
FC BOILERMAKER LLC / PHILLIP B MOBLEY
M1402818 / 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;

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