Since January, 2003
            
 (a random before-and-after moment)
November 11, 2007
March 14, 2013
South Capitol at O, Looking West-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)
   
 
 More About 70/100 I

JDLand.com Home

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.


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.

Add a Comment:

Comments are closed for this post.

JDLand Comments RSS Feed


 More News


See All Current News Items | Full Blog Archive

 

JDLand.com's Official Unofficial Guide, Updated for 2016!
 Top News
  
Get JDLand Updates In Your Inbox!

JES on Whaley's Announces May: @Westnorth, that'll be neat. Wonder when it'll open.
conngs0 on Whaley's Announces May: Sounds like a good spot. Any early reviews?
Westnorth on Whaley's Announces May: @JES: Talked with a server today, and it'll be just inland of the bridge's easte...
JD on Training Ship Freedom: (I keep meaning to add the option to include one image with comments, but haven'...



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  
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/24/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 05/21/16
800 899 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/16/16
1000 B/O 1ST ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/15/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 05/15/16
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 05/15/16
1200 B/O 4TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/12/16
300 B/O TINGEY ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/11/16
1200 B/O I ST SE   ROBBERY  05/08/16
900 B/O 1ST ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 05/08/16
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 05/06/16
1220 HALF ST SE   THEFT
Theft 2nd Degree (theft From Building)
 05/05/16
1100 B/O 1ST ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 05/04/16
300 K ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 05/04/16
70 B/O I ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 05/02/16
UNIT B/O I ST SE   ROBBERY  04/29/16
1100 B/O 5TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/27/16
200 B/O I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/25/16

Recent Issued Building Permits Archive  
1233 1ST ST SE   
05/10/16 
null / KONE INC
EN1602126 / SHOP DRAWING
TYPE OF ELEVATOR : TWO (2) ELECTRICAL / STEEL / CENTER / PASSENGER / 3 FLOORS ELEVATOR 5 & 6 CONDITION : APPLICATION FOR MODIFICATION OF CONSTRUCTION CODE MVQ1600083 & MVQ1600084 SEE : B1403486 AND TL1600011
1108 2ND ST SE   
05/19/16 
NA DISTRICT OF COLUMBIA HOUSING AUTHORITY / NA DISTRICT OF COLUMBIA HOUSING AUTHORITY; ECS MID-ATLANTIC LLC
SB1600233 / CONSTRUCTION
THREE BORINGS WILL BE COMPLETED UTILIZING A GEOPROBE DIRECT PUSH DRILL RIG USING A DUEL TUBE SAMPLING DEVICE. THE BORINGS WILL CREATE A 2.25 INCH ANULUS. THE GEOPROBE WILL ADVANCE ALL 3 BORINGS TO A DEPTH OF 30 FEET BELOW GROUND SURFACE OR UNTIL REFUSAL OR DENSE CLAY IS ENCOUNTERED. FOLLOWING COMPLETION OF THE SOIL BORINGS HOLES WILL BE TREMME GROUTED FROM THE BOTTOM TO THE TOP USING A MIXTURE OF ...
1331 2ND ST SE   
05/16/16 
DC WATER / DC WATER; CORMAN CONSTRUCTION
AH1600698 / CONSTRUCTION
AFTER HOURS WORK FOR STRUCTURE EXCAVATION AND SUPPORT FOR B1311474 & B1605659 DC WATER, CORMAN CONSTRUCTION 202-863-0052
1005 3RD PL SE   
05/12/16 
PETER D TRIFU / JOSE M. MORALES
P1606192 / SUPPLEMENTAL
1300 4TH ST SE   
05/10/16 
LOU FOREST CITY - WASHINGTON / GEORGE MORETRENCH AMERICAN CORP.
SB1600070 / CONSTRUCTION
TO DRILL AND INSTALL 18 DEEP WELLS WITH 12" DIAMETER OF BOREHOLE AND 6" WELL CASING, AND 4 OBSERVATION WELLS WITH 6" DIAMETER OF BOREHOLE AND 2" WELL CASING TO 80 FEET VIA MUD ROTARY DRILLING FOR THE TEMPORARY CONSTRUCTION DEWATERING OF THE PROPOSED BELOW GRADE CONSTRUCTION. ALL DRILL SPOILS WILL BE CONTAINED AND DISPOSED OF ACCORDING TO FEDERAL AND DISTRICT OF COLUMBIA REGULATIONS.
1220 12TH ST SE 200   
05/11/16 
WASHINGTON GAS LIGHT CO / RALPH THREATT
E1606272 / SUPPLEMENTAL
1220 12TH ST SE   
05/11/16 
CORPORATE OFFICE PROPERTIES TRUST / KELLY WALSH; CORPORATE OFFICE PROPERTIES TRUST; THOMAS DVORAK
E74440979 / SUPPLEMENTAL
909 HALF ST SE   
05/05/16 
null / MARK A DORSEY
EN1601560 / SHOP DRAWING
TYPE OF ELEVATOR : ONE (1) TRACTION / STEEL / CENTRALLY / VERTICAL TRANSPOTATION (2ND FLOOR)
70 I ST SE 832   
05/17/16 
null / NA NA NA
EHOP1690678 / HOME OCCUPATION
10 I ST SE   
05/19/16 
TIMOTHY TEMPLE- CAPITAL HILL RACQUET CLUB / TIMOTHY TEMPLE- CAPITAL HILL RACQUET CLUB; ECS MID-ATLANTIC LLC
SB1600232 / CONSTRUCTION
FIVE BORINGS WILL BE COMPLETED UTILIZING A GEOPROBE DIRECT PUSH DRILL RIG USING A DUEL TUBE SAMPLING DEVICE. THE BORINGS WILL CREATE A 2.25 INCH ANULUS. THE GEOPROBE WILL ADVANCE ALL 5 BORINGS TO A DEPTH OF 30 FEET BELOW GROUND SURFACE OR UNTIL REFUSAL OR DENSE CLAY IS ENCOUNTERED. FOLLOWING COMPLETION OF THE SOIL BORINGS HOLES WILL BE TREMME GROUTED FROM THE BOTTOM TO THE TOP USING A MIXTURE OF P...
201 L ST SE   
05/19/16 
NA DISTRICT OF COLUMBIA HOUSING AUTHORITY / NA DISTRICT OF COLUMBIA HOUSING AUTHORITY; ECS MID-ATLANTIC LLC
SB1600234 / CONSTRUCTION
TWO BORINGS WILL BE COMPLETED UTILIZING A GEOPROBE DIRECT PUSH DRILL RIG USING A DUEL TUBE SAMPLING DEVICE. THE BORINGS WILL CREATE A 2.25 INCH ANULUS. THE GEOPROBE WILL ADVANCE BOTH BORINGS TO A DEPTH OF 30 FEET BELOW GROUND SURFACE OR UNTIL REFUSAL OR DENSE CLAY IS ENCOUNTERED. FOLLOWING COMPLETION OF THE SOIL BORINGS HOLES WILL BE TREMME GROUTED FROM THE BOTTOM TO THE TOP USING A MIXTURE OF POW...
14 M ST SE   
05/16/16 
ANDREW ROYALS
B1608241 / CONSTRUCTION
REPAIR AND REPLACEMENT OF WINDOW AND FRAME
50 M ST SE   
05/18/16 
KCG 50 M LLC ENGLEWOOD LLC / TIEVY; KCG 50 M LLC ENGLEWOOD LLC; TRACIE CLAXTON-RAMOS
SG1600300 / CONSTRUCTION
2 SIGNS CHANNEL LETTERS ILLUMINATED 2 BLADE SIGNS ILLUMINATED
100 M ST SE   
05/19/16 
SQUARE 743 INC AND 100 M ST SE LLC / LHREV WASHINGTON M STREET LLC A DELAWARE LLC; KIM MITCHELL CDKM CONSULTING LLC
B1605938 / CONSTRUCTION
APPROX 7938 SF TENANT FIT OUT - CURRENTLY SHELL CONDITION - FLOORING, DOORS, AND HARDWARE, DRYWALL, CEILILNG, LIGHTS, MECHANICAL, SPRINKLER AND PLUMBING TO BE ADDED. ALL WORK TO BE DONE ON 7TH FLOOR
800 NEW JERSEY AVE SE   
05/10/16 
SQUARE 737 LLC / KONE INC
EN1602094 / SHOP DRAWING
TYPE OF ELEVATOR : TWO (2) ELECTRICAL / STEEL / CENTER / PASSENGER / 3 FLOORS CONDITION: APPLICATION FOR MODIFICATION OF CONSTRUCTION CODE MVQ1600091 & MVQ160092
   
05/10/16 
SQUARE 737 LLC / KONE INC
EN1602095 / SHOP DRAWING
TYPE OF ELEVATOR : THREE (3) ELECTRICAL / STEEL / CENTER / PASSENGER / 3 FLOORS ELEVATOR : G1, G2, G3 CONDITION: APPLICATION FOR MODIFICATION OF CONSTRUCTION CODE MVQ1600090 & MVQ160089 & MVQ1600088
   
05/10/16 
SQUARE 737 LLC / KONE INC
EN1602107 / SHOP DRAWING
TYPE OF ELEVATOR : ONE (1) ELECTRICAL / STEEL / CENTER / PASSENGER / 2 FLOORS ELEVATOR : G6, CONDITION: APPLICATION FOR MODIFICATION OF CONSTRUCTION CODE MVQ1600093
861 NEW JERSEY AVE SE   
05/18/16 
NA CSX TRANSPORTATION, INC.
AH1600719 / CONSTRUCTION
WORK IN PUBLIC ROW WITHIN THE VIRGINIA AVENUE TUNNEL RECONSTRUCTION PROJECT LOD FOR UTILITY, DEMOLITION, AND CONCRETE STRUCTURE CONSTRUCTION ACTIVITIES. ACTIVITIES WILL OCCUR AT THE FOLLOWING AREAS: BETWEEN 2ND STREET SE AND 3RD STREET SE ALONG VIRGINIA AVENUE SE, INTERSECTION OF 3RD STREET SE AND VIRGINIA AVENUE SE, BETWEEN 3RD STREET SE AND 4TH STREET SE ALONG VIRGINIA AVENUE SE, INTERSECTION OF...
880 NEW JERSEY AVE SE   
05/19/16 
880 NEW JERSEY AVENUE LLC / 880 NEW JERSEY AVENUE LLC; BRUCE PADDOCK SWIMMING POOL COMPANY
SP1600027 / CONSTRUCTION
1ST, 2ND 3RD, AND 4TH EXTENSION TO PERMIT SP1300053 TO EXPIRE 6 / 18 / 2016
1200 NEW JERSEY AVE SE 1ST FLR 20024   
05/06/16 
JBG/FEDERAL CENTER LLC / null
P1606040 / SUPPLEMENTAL
1000 NEW JERSEY AVE SE   
05/05/16 
CAPITOL HILL TOWER HOUSING COOPERATIVE INCF / . WATERFRONT CHURCH
B1607854 / CONSTRUCTION
REMODEL TWO BATHROOMS, REPLACE LIGHTING IN BATHROOM S & VESTIBULE -IN EXISTING BOXING - FITNESS CENTER UNDER CO1301802 NO CHANGE OF USE
1244 SOUTH CAPITOL ST SE   
05/05/16 
1244 SOUTH CAPITOL RESIDENTIAL, L.L.C. / CLARK CONCRETE CLARK CONCRETE
AH1600676 / CONSTRUCTION
AFTER HOURS TO LOAD AND UNLOAD TRUCKS FOR MATERIAL AND CONCRETE FROM 5 / 7 / 2016, 12 MIDNIGHT TO 5 / 9 / 2016 7AM
300 TINGEY ST SE 1ST/2ND   
05/11/16 
FC BOILERMAKER LLC / WILLIAM P SAUREST
P1606136 / SUPPLEMENTAL
300 TINGEY ST SE 202   
05/11/16 
FC BOILERMAKER LLC / WILLIAM P SAUREST
P1606138 / SUPPLEMENTAL
300 TINGEY ST SE   
05/11/16 
FC BOILERMAKER LLC / ALBERT E. WILLIAMS
M1602037 / SUPPLEMENTAL
   
05/11/16 
FC BOILERMAKER LLC / ALBERT E. WILLIAMS
M1602039 / SUPPLEMENTAL
355 WATER ST SE   
05/18/16 
PAUL GRUBER NEW BELGIUM BREWING COMPANY
TN1600129 / CONSTRUCTION
SPECIAL EVENT TOUR DE FAT 1 36X24 STAGE 5 20X20 TENTS 1 20X20 HEXAGON TENT NO GENERATORS
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.


Project Directory
Completed
Park Chelsea ('16)
Yards/Arris ('16)
Hampton Inn ('15)
Southeast Blvd. ('15)
11th St. Bridges ('15)
Parc Riverside ('14)
Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Capitol ('13)
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 New Jersey Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
70/100 I ('08)
Nationals Park ('08)
Seniors Bldg Demo ('07)
400 M ('07)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)


Overviews
Capper/Carrollsburg
Anacostia Riverwalk
New Jersey Avenue
M Street
South Capitol Street
The Yards
Lower 8th Street
East M Street
Boathouse Row





                  © Copyright 2016 JD.