Since January, 2003
 

June 27, 2005

March 14, 2013
South Capitol at N, Looking Southeast (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."
 

See All Current News Items

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.

Add a Comment:

Comments are closed for this post.

JDLand Comments RSS Feed

See All Current News Items | Full Blog Archive

 

Now updated for 2013!
JDLand.com's Official Unofficial Guide

Follow jdland on Twitter
RT @dcbrewster: First barrels arriving at @Bluejacketdc today! link (4:47 PM 6/11)
Apparently link just doesn't have the bandwidth to deal with everyone's interest. Literally. link (12:03 PM 6/11)
Vida not opening until next year, so somewhere else? RT @aygupta: @JDLand Looks like Vida is hiring? Or someone else? link (10:55 AM 6/11)
Hey @wmata or Architect/Capitol, how about some hedge trimming by Capitol South? Even worse in rain. link (10:17 AM 6/11)
Get @ggwash on the case. / MT @AlecMacGillis NSA HQ at Fort Meade has more square footage than Pentagon & 112 acres of parking lots. (8:46 AM 6/11)
more tweets
Or, Follow JDLand on
Recent Registered Reader Comments:  
Blue on Going Completely Off: Truly sorry to hear about your mom. I served on the board of trustees for the ALS Association of Ge...
JD on Going Completely Off: Again, thanks to everyone for the good thoughts. I certainly won't be taking the web site down--I...
OverbeckProject on Going Completely Off: My condolences. This is very sad. Your priorities are the right ones. WIll the existing material ...
58Model on Going Completely Off: Praying for God to give His strength to you and your family as you endeavor to do right by your mom.
Thousands and thousands of photos showing the neighborhood changing. More than 150 buildings no longer with us. All the news, since 2003. Photos from various archives showing the neighborhood in the more distant past. Maps from the early 1900s. Overhead Photo Comparisons: 1949, 1988, 2002-2008. All Blog Entries, 2003 - Present Major Events, 1799 - Present A series of blog entries looking at the neighborhood's history.
Near Southeast's Rearview Mirror
Today in (Recent) Near Southeast History


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  
UNIT B/O N ST SE   THEFT /  06/04/13
1500 B/O SOUTH CAPITOL ST   THEFT /  06/04/13
70 B/O I ST SE   THEFT F/AUTO /  06/03/13
2ND ST SE AND K ST SE   ROBBERY / GUN  06/02/13
700 B/O M ST SE   THEFT /  05/31/13
70 B/O I ST SE   THEFT /  05/31/13
1100 B/O 1ST ST SE   THEFT /  05/31/13
54 B/O M ST SE   ROBBERY /  05/30/13
1100 B/O NEW JERSEY AVE SE   THEFT /  05/30/13
4TH ST SE AND M ST SE   THEFT F/AUTO /  05/28/13
1300 B/O M ST SE   THEFT /  05/28/13
900 B/O 5TH ST SE   THEFT /  05/27/13
300 B/O WATER ST SE   THEFT /  05/25/13
1100 B/O 4TH ST SE   THEFT F/AUTO /  05/24/13
UNIT B/O L ST SE   THEFT F/AUTO /  05/21/13

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
815 4TH ST SE    Comcast Cable 
Assigned
excavation  
 05/06/13
to
07/05/13
1101 4TH ST SE    Comcast Cable 
Assigned
excavation  
 05/06/13
to
07/05/13
1200 - 1299 BLOCK HALF ST SE    Washington Nationals 
Issued
streetfixture; new  
 08/24/12
to
08/15/13
200 - 299 BLOCK TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
paving; excavation; new  
 01/01/13
to
12/31/13
200 - 299 BLOCK VIRGINIA AVE SE    Phil Sheridan 
Issued
excavation; new  
 05/20/13
to
07/18/13
909 HALF ST SE    Ruben Companies Ruben Companies 
Pending Document
excavation  
 03/01/13
to
09/01/13
23 I ST SE    23 I LLC c/o Ruben Companies 
Pending
paving; new  
 11/30/12
to
11/29/13
200 I ST SE    Todd Stone 
Pending
streetfixture; new  
 11/21/12
to
11/22/13
17 M ST SE    1015 HALF STREET SE LLC 
Pending
excavation; new  
 07/23/12
to
07/22/13
100 M ST SE    Gordon Biersch Restaurant And Brewery 
Pending
new  
 01/07/13
to
06/30/13
    WASHINGTON GAS 
Issued
excavation; new  
 05/06/13
to
07/04/13
    WASHINGTON GAS 
Assigned
excavation  
 04/23/13
to
04/22/14
401 M ST SE    cris FLACK 
Issued
excavation; new  
 04/22/13
to
06/20/13
900 M ST SE    Corman Construction 
Issued
excavation; new  
 09/11/12
to
09/10/13
922 M ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 04/30/13
to
06/28/13
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
1500 M ST SE    DC Water 
Pending
excavation; new  
 02/15/13
to
07/30/13
1111 NEW JERSEY AVE SE    NJA Associates LLC 
Assigned
paving; streetfixture; landscaping; excavation; new  
 06/03/13
to
06/02/14
125 O ST SE    TRAYLOR/SLANSKA/JAY DEE JOINT VENTURE(DAMIAN RUPPERT) 
Issued
paving; streetfixture; new  
 12/24/12
to
12/23/13
300 TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
paving; excavation; new  
 12/14/12
to
12/13/13
301 TINGEY ST SE    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14
401 TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
new  
 02/18/13
to
08/31/13
601 VIRGINIA AVE SE    Wash Gas & Light Co. 
Issued
excavation; new  
 04/30/13
to
06/28/13
301 WATER ST SE    Wash Gas & Light Co. 
Assigned
excavation  
 04/19/13
to
11/30/13

Recent Issued Building Permits Archive  
926 3RD ST SE   
06/06/13 
WILLIAM SHIVELY / DAVID FONTANA MCKEEVER SERVICES CORP.
B1307524 / CONSTRUCTION
NON STRUCTURAL FRAMING MODIFICATIONS AND FOOR VENT MODIFICATION.
1015 3RD PL SE   
05/30/13 
CHEN / ASTRUM SOLAR
B1307196 / CONSTRUCTION
INSTALLATION OF A GRID-TIED 12-PANEL SOLAR SYSTEM ON ROOF OF HOUSE.
   
05/30/13 
KEITH C CHEN / JOHN A. TETI
E1305656 / SUPPLEMENTAL
1112 3RD ST SE   
05/30/13 
RONALD HULEN
F1300388 / CONSTRUCTION
INSTALL A WROUGHT IRON FENCE IDENTICAL TO THE NEIGHBORS FENCE WITH A GATE. THIS WORK HAS BEEN APPROVED BY THE ARCHITECTURE REVIEW BOARD OF THE HOMEOWNERS ASSOCIATION
770 M ST SE   
06/11/13 
MADISON 770 M STREET LLC / JOHN W. HYRE
E1305930 / SUPPLEMENTAL
   
06/12/13 
MADISON 770 M STREET LLC / RALPH THREATT
E1305985 / SUPPLEMENTAL
1201 M ST SE   
05/30/13 
WASHINGTON GAS LIGHT CO / CARLOS MONTES
P1305330 / SUPPLEMENTAL
   
06/08/13 
JEFFREY KNIGHT / JEFFREY KNIGHT; JEFFREY KNIGHT; JOHN WEEKS
E52893303 / SUPPLEMENTAL
   
06/12/13 
CARLTON RAY / MICHAEL MANOSKI
AH1300643 / CONSTRUCTION
PERFORM TEMPORARY LANE CLOSURES
880 NEW JERSEY AVE SE   
06/07/13 
880 NEW JERSEY AVENUE LLC / WILLIAM C SMITH + CO
AH1300641 / CONSTRUCTION
WORK FROM 7PM TO 7AM TO INSTALL NEW SEWER UTILITY THIS PERMIT IS ONLY GOOD FOR THE DATES OF 6 / 11 / 2013 & 6 / 12 / 2012
   
06/13/13 
880 NEW JERSEY AVENUE LLC / JOHN H THOMSON
E1305998 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
06/07/13 
SQUARE 742 LIC / JIM CALABRESE
AN1300156 / CONSTRUCTION
THIRD AND FINAL EXTENSION TO AN1100087 TO EXPIRE 9 / 03 / 2013.
300 TINGEY ST SE   
06/05/13 
FC BOILERMAKER LLC / FRANK V CANTWELL
E1305771 / SUPPLEMENTAL
   
05/31/13 
FC BOILERMAKER LLC /
P1305350 / SUPPLEMENTAL
   
06/06/13 
JOE SPINNELL / GEORGE HOCKADAY-BEY; JOE SPINNELL; GEORGE HOCKADAY-BEY
E29318180 / SUPPLEMENTAL
   
06/10/13 
FOREST CITY / MG PERMITS GARY BRENT
B1307169 / CONSTRUCTION
NEW TENANT ALTERATION FOR GNC TO INCLUDE M.E.P.
   
06/10/13 
FOREST CITY WASHINGTON / FOREST CITY WASHINGTON; MG PERMITS GARY BRENT
SG1300305 / CONSTRUCTION
INSTALL 3 WALL SIGNS
301 WATER ST SE   
06/05/13 
THE DISTRICT OF COLUMBIA / AMANDA GANGINIS / WILL TEASS
B1306803 / CONSTRUCTION
INTERIOR ALTERATIONS OF EXISTING CORE AND SHELL SPACE INCLUDING NEW INTERIOR DOORS INTERIOR PARTITIONS EXTERIOR LOUVERS AND TOILET ROOMS. MECHANICAL ELECTRICAL AND PLUMBING WORK IS LIMITED TO COMMON AREAS AND TEMPORARY HEATING AND LIGHTING FOR TENANT SPACES. WORK IN TENANT SPACES SHALL BE PERFORMED UNDER A SEPARATE PERMIT. THIRD PARTY PLAN REVIEW: TPR13-0002-13-21
   
06/07/13 
FOREST CITY / FVI 2020
TL1300076 / CONSTRUCTION
RESTAURANT WITH 156 SEATS AND 196 OCCUPANTS ON THE FIRST FLOOR INTERIOR WORK ONLY
   
06/10/13 
FC LUMBER SHED LLC / DOMINIC E TOTARO
P1305531 / SUPPLEMENTAL
   
06/13/13 
FC LUMBER SHED LLC / RICHARD V CAREY
P1305646 / 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
Boilermaker Shops
Twelve12/Yards
Lumber Shed
Park Chelsea 
  
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
Akridge/Half Street
Virginia Ave. Tunnel
Square 701
Monument/Half Street
1111 New Jersey
Nat'l Comm. Church
Capper Apartments
Square 882
250 M Street
New SoCap Bridge
Florida Rock
23 I Street
Congressional Square
1000 South Capitol
SC1100
New Marine Barracks
Factory 202/Yards
Completed
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
 




Top of Page | Contact JD | Advertise on JDLand
Near Southeast RSS Feed

© Copyright 2013 JD.
All photos © Copyright JD - See information on photo uses, licensing and purchasing.