Since January, 2003
            
 (a random before-and-after moment)
February 16, 2006
October 11, 2015
1st at L, Looking North-Northwest (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."
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.


link



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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Recent Crime Incidents Archive  
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/29/16
400 B/O I ST SE   ROBBERY  06/28/16
700 B/O M ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/27/16
400 B/O M ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/27/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 06/24/16
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 06/23/16
250 B/O L ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/23/16
UNIT B/O L ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/23/16
1200 B/O 1ST ST SE   THEFT
Theft First Degree (theft From Building)
 06/23/16
800 B/O 3RD ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 06/22/16
900 B/O 5TH ST SE   ASSAULT WITH A DANGEROUS WEAPON  06/21/16
1000 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 06/21/16
400 B/O M ST SE   ASSAULT WITH A DANGEROUS WEAPON  06/19/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/19/16
1000 B/O 1ST ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 06/17/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/17/16
700 B/O L ST SE   ROBBERY  06/17/16
1100 B/O 8TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/14/16
UNIT B/O I ST SE   ROBBERY  06/13/16
250 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 06/10/16
100 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 06/09/16
1200 B/O HALF ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 06/09/16
1000 B/O 4TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/06/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/05/16
100 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 06/04/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 06/04/16
150 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/04/16
300 I ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/02/16

Recent Issued Building Permits Archive  
1200 1ST ST SE 20303   
06/24/16 
UNITED STATES OF AMERICA / CRANE SERVICE CO; CHRISTINE LONG
AH1600817 / CONSTRUCTION
An after hours permit is respectfully requested from 4AM Saturday thru 9PM Sunday
1277 1ST ST SE   
06/15/16 
MILLER&LONG MILLER&LONG
AH1600794 / CONSTRUCTION
afterhours to take down tower crane with 200 ton mobile crane saturday 6 / 18 / 2016 5am to 9pm 6 / 19 / 2016
1331 2ND ST SE   
06/23/16 
DC WATER
AH1600806 / CONSTRUCTION
After Hours work for structure excavation and support for B1605659 DC Water, Corman Construction 202-863-0052.
1212 4TH ST SE   
06/20/16 
FC 1212 LLC / null
P1607144 / SUPPLEMENTAL
1000 5TH ST SE   
06/22/16 
UNITED STATES OF AMERICA / null
P1607205 / SUPPLEMENTAL
1240 12TH ST SE   
06/13/16 
AECOM TECHNICAL SERVICE / AECOM TECHNICAL SERVICE; KTT PERMIT EXPEDITER, LLC
B1609254 / CONSTRUCTION
2nd extension of existing permit B1503361 to expire 01 / 14 / 2017
1000 HALF ST SE   
06/14/16 
TOLL BROTHERS CITY LIVING TOLL DC PHASE III / TOLL BROTHERS CITY LIVING TOLL DC PHASE III; STEVE ADAMCHAK ECS MID-ATLANTIC, LLC
SB1600266 / CONSTRUCTION
We will perform a total of 1 soil boring on the proposed site to a depth of 75 feet below existing grades. The boring will be located within the bounds of the private property. The boring will be drilled utilizing 4.25 hollow stem, continuous flight augers and / or mud rotary drilling. The boring will be performed utilizing a truck-mounted drill rig and will generate an approximate 6 inch annul...
1210 HALF ST SE   
06/14/16 
HINES GLOBAL / ALAN CARTER; HINES GLOBAL; ALAN CARTER
E82561999 / SUPPLEMENTAL
   
06/21/16 
HINES GLOBAL REIT 55 M STREET LLC / MATT LOSIGNOR
P1607182 / SUPPLEMENTAL
70 I ST SE APT 413   
06/17/16 
null / NA NA NA
EHOP1690749 / HOME OCCUPATION
70 I ST SE   
06/21/16 
70 EYE STREET ACQUISITION LLC / FUJITEC AMERICA
ER1602585 / SHOP DRAWING
Replace MRL hoist machine on elevator #2 Condition : Submit License Application EIN 22-2190685 Estimated Cost $15,000
601 L ST SE   
06/15/16 
RICHARD V CAREY
P1607063 / SUPPLEMENTAL
   
06/15/16 
TIMOTHY S CLEMONS
M1602419 / SUPPLEMENTAL
100 M ST SE   
06/11/16 
SQUARE 743 INC AND 100 M ST SE LLC / CHRIS HEARD; SQUARE 743 INC AND 100 M ST SE LLC; ASCHALEW ASAMINEW
E56805736 / SUPPLEMENTAL
   
06/20/16 
SQUARE 743 INC / GREGORY E LIGON
E1607378 / SUPPLEMENTAL
0 N ST SE   
06/24/16 
null / ROBERT S. WATTS
E1607561 / SUPPLEMENTAL
1200 NEW JERSEY AVE SE 3 20024   
06/15/16 
JBG/FEDERAL CENTER LLC / MARK A. PELUSO
E1607254 / SUPPLEMENTAL
1200 NEW JERSEY AVE SE 3RD 20024   
06/13/16 
JBG/FEDERAL CENTER LLC / null
P1606958 / SUPPLEMENTAL
1000 NEW JERSEY AVE SE   
06/15/16 
null / JEAN FRANCOIS MEFORT
PC56593839 / POST CARD
Installation of not more than 1 new air conditioning unit, up to a maximum of 10-tons of equivalent refrigerating effect.
   
06/28/16 
HEATHER DAVIS
PC18072130 / POST CARD
Interior demolition of non-bearing elements in a space up to 5,000 square feet (464.5 square meters)
   
06/28/16 
HEATHER DAVIS
PC44971937 / POST CARD
Replacement in kind of up to 800 square feet (74.3 square meters) of gypsum board. Replacement in kind, when applied to architectural features, means replacement with a feature of like material that replicates the existing feature in proportion, appearance, texture, design, detail and dimensions.
1100 NEW JERSEY AVE SE   
06/22/16 
SQUARE 742 LLC / SQUARE 742, LLC SPAULDING AND SLYE, STE 100; TEMPEST, LLC
B1609629 / CONSTRUCTION
Interior cosmetic remodel to include ADA upgrade modifications, minor electrical work per installations and relocations.
1111 NEW JERSEY AVE SE   
06/20/16 
NJA ASSOCIATES LLC / NJA ASSOCIATES LLC; N/A
SG1600285 / CONSTRUCTION
Install 2 signs on building LED----- 1. address 1111 on building entrance canopy 2. Letters IOM on New Jersey Ave building face side between 9th and 12th floors.
25 POTOMAC AVE SE   
06/20/16 
RIVERFRONT HOLDINGS I LLC / ; NONE
SG1600336 / CONSTRUCTION
INSTALL 6 SIGNS AS PER PRINT
1230 SOUTH CAPITOL ST SE   
06/27/16 
PUBLIC STORAGE INSTITUTE FUND / WASHINGTON SIGNS, LLC; WASHINGTON SIGNS, LLC; WASHINGTON SIGNS, LLC
SS1600068 / CONSTRUCTION
CHEVROLET
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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70/100 I ('08)
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400 M ('07)
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