Since January, 2003
            
 (a random before-and-after moment)
April 11, 2004
April 26, 2015
4th at K, Looking South-Southwest (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)
 07/23/16
900 B/O 5TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/23/16
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/22/16
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
 07/20/16
900 B/O 4TH ST SE   ROBBERY  07/20/16
500 B/O L ST SE   THEFT
Theft First Degree (all Other Larceny)
 07/19/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (theft From Building)
 07/19/16
1000 B/O NEW JERSEY AVE SE   BURGLARY
Burglary One
 07/15/16
300 B/O L ST SE   ASSAULT WITH A DANGEROUS WEAPON  07/15/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 07/14/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/16
1000 B/O 8TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny) - Highway/ Road/ Alley/ Street/ Sidewalk
 07/12/16
1000 B/O 3RD ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 07/10/16
1230 SOUTH CAPITOL ST SE   ASSAULT WITH A DANGEROUS WEAPON
Assault W/i To Kill
 07/09/16
900 B/O 1ST ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 07/06/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 07/06/16
900 B/O 2ND PLACE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/06/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree - Felony (theft From Building)
 07/05/16
900 B/O 4TH ST SE   ROBBERY  07/04/16
1000 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/02/16
1100 B/O 3RD ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/01/16
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

Recent Issued Building Permits Archive  
1331 2ND ST SE   
07/18/16 
DC WATER
AH1600880 / CONSTRUCTION
After Hours work for structure excavation and support for B1605659 DC Water, Corman Construction 202863-0052
1220 12TH ST SE   
07/22/16 
COPT COPT / COPT COPT; STEPHEN PALMER ELE
SG1600378 / CONSTRUCTION
Install 1 Illuminated wall sign - BAE Systems
909 HALF ST SE   
07/05/16 
23 I LIC C/O RELATED COMPANIES / DENNIS STUBBS
P1607524 / SUPPLEMENTAL
1210 HALF ST SE   
07/08/16 
HINES GLOBAL REIT 55 M STREET LLC / KOSTAS RIKOS
M1602654 / SUPPLEMENTAL
   
07/09/16 
HINES GLOBAL / ALAN CARTER; HINES GLOBAL; ALAN CARTER
E91123768 / SUPPLEMENTAL
80 M ST SE   
07/22/16 
WELLS REIT II 80 M STREET LLC / WELLS REIT II 80 M STREET LLC; JOHN GIUSEPPE-RAMCO
D1600714 / CONSTRUCTION
INTERIOR DEMOLITION TO 1ST, 2ND AND 3RD FLOOR OFFICE SPACE COLUMBIA PROPERTY TRUST AS SHOWN ON THE ELECTRONICALLY SUBMITTED ARCHITECTURAL DEMOLITION PLANS. NO STRUCTURAL WORK INVOLVED. NO CHANGE IN USE. INTERIOR WORK ONLY. 66,684SF
300 M ST SE   
07/06/16 
FDSAFF SFVVSD / GBSDFG DFSB; FDSAFF SFVVSD; ANDREW ARNTSON
P30280792 / SUPPLEMENTAL
   
07/06/16 
FDBGSDFBH FDBSDFBH / DGVSDFG FDBHSDFH; FDBGSDFBH FDBSDFBH; ANDREW ARNTSON
P33816084 / SUPPLEMENTAL
   
07/06/16 
SDFBDFBG DFBSDZB / FDHBSDFH HFDSHDF; SDFBDFBG DFBSDZB; ANDREW ARNTSON
P65774672 / SUPPLEMENTAL
   
07/06/16 
DFBSDF FDBFSDAB / NGFNHDF DNGDN; DFBSDF FDBFSDAB; ANDREW ARNTSON
P74131693 / SUPPLEMENTAL
   
07/06/16 
FDBVSDG DFSG / FBDSBH DFHBSD; FDBVSDG DFSG; ANDREW ARNTSON
P72964153 / SUPPLEMENTAL
   
07/06/16 
BVNXFN NXNXG / GSDFG FGDBHSDF; BVNXFN NXNXG; ANDREW ARNTSON
P77859141 / SUPPLEMENTAL
   
07/06/16 
SDGASEG SDFGSARGH / FDHSDH GHSFDH; SDGASEG SDFGSARGH; ANDREW ARNTSON
P76857584 / SUPPLEMENTAL
   
07/06/16 
GFD GFNH / BFDB DFSB; GFD GFNH; ANDREW ARNTSON
P84902014 / SUPPLEMENTAL
   
07/06/16 
HGDSHDT DFHSH / SDFGHASD DFHSDH; HGDSHDT DFHSH; ANDREW ARNTSON
P90289244 / SUPPLEMENTAL
   
07/06/16 
GCBXDF GFNDM / DFSHDFH DHSDHHG; GCBXDF GFNDM; ANDREW ARNTSON
P90555680 / SUPPLEMENTAL
515 M ST SE   
07/14/16 
FOREST CITY / FOREST CITY; KILLETTE AND ASSOC
B1610381 / CONSTRUCTION
REMOVE 2 NON LOAD BEARING PARTITIONS TO CREATE OPEN SPACE AND REPLACE EXISTING DOORS WITH NEW GLASS DOORS IN KIND.
800 NEW JERSEY AVE SE   
07/06/16 
SQUARE 737 LLC / JOHN H THOMSON
E1606696 / SUPPLEMENTAL
1111 NEW JERSEY AVE SE   
07/19/16 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / THOMAS P MCGUIRE
E1608268 / SUPPLEMENTAL
25 POTOMAC AVE SE   
07/08/16 
MRP RESIDENTIAL / JASON OLYMPIA SWIMMING POOL CO., INC.
SP1600008 / CONSTRUCTION
838 s.f. swimming pool inside existing concrete sub-structure of 9 story building. building permit B1408697. This Permit submission for pool construction only. All MEP work for pool equipment, Architectural work, and Structural work of the building slabs to be completed per approved building permit previously mentioned.
1244 SOUTH CAPITOL ST SE   
07/06/16 
1244 SOUTH CAPITOL RESIDENTIAL, L.L.C. / RONALD C. CAYTON
E1607601 / SUPPLEMENTAL
   
07/06/16 
1244 SOUTH CAPITOL RESIDENTIAL, L.L.C. / RONALD C. CAYTON
E1607602 / SUPPLEMENTAL
   
07/14/16 
1244 SOUTH CAPITOL RESIDENTIAL, L.L.C. / GLENNWOOD ROGERS
P1607382 / SUPPLEMENTAL
300 TINGEY ST SE   
07/06/16 
FC BOILERMAKER LLC / GEORGE W. HALL
E1607850 / SUPPLEMENTAL
   
07/06/16 
FC BOILERMAKER LLC / GEORGE W. HALL
E1607851 / SUPPLEMENTAL
355 WATER ST SE   
07/08/16 
JANET WAEMA AMERICAN KIDNEY FUND
TN1600173 / CONSTRUCTION
SPECIAL EVENT KIDNEY ACTION DAY 2 20X40 TENTS 1 14 X 24 STAGE
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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