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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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1331 2ND ST SE    Carlton Ray 
Assigned
paving; streetfixture; excavation  
 02/10/14
to
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1331 4TH ST SE    Forest City Forest City 
Issued
excavation; new  
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02/10/15

Recent Issued Building Permits Archive  
1025 1ST ST SE   
12/03/14 
NA NA NA
EHOP1590134 / HOME OCCUPATION
   
12/10/14 
KAREN NZAKIMUENA
PC74349112 / POST CARD
INSTALLATION OF NOT MORE THAN 1 NEW AIR CONDITIONING UNIT UP TO A MAXIMUM OF 10-TONS OF EQUIVALENT REFRIGERATING EFFECT.
1016 3RD ST SE   
12/15/14 
ANAMARIA R MOTTOLA / DIXON
B1502438 / CONSTRUCTION
RENOVATIONS MINOR MEP
1212 4TH ST SE   
12/10/14 
FC 1212 LLC / SCHINDLER ELEVATOR CORP
ER1500593 / SHOP DRAWING
REPLACE MAXTON UC2A VALVE EST. COST OF WORK $ 2 2120. 00
927 5TH ST SE   
12/15/14 
AARON LORENZO
PC25919394 / POST CARD
REPLACEMENT IN KIND OF EXISTING FENCE ON PRIVATE PROPERTY. 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.
1000 5TH ST SE   
12/04/14 
UNITED STATES OF AMERICA / WALTER T JONES
E1501598 / SUPPLEMENTAL
1015 HALF ST SE   
12/10/14 
HALF STREET LLC / ART DISPLAY; BOB BIROONAK ART DISPLAY CO.
SG1400465 / CONSTRUCTION
ONE ILLUMINATED NEWS TICKER SIGN
1201 HALF ST SE   
12/10/14 
WEST HALF 1 LLC / MARK W GIBSON
E1501746 / SUPPLEMENTAL
   
12/12/14 
JASON YORK
TN1500036 / CONSTRUCTION
INSTALLING SMALL TENT ON DEC 29 2014 FOR THE BRIDGESTONE WINTER CLASSIC ON 1-1-15 WITH GENERATOR TENTS REMOVED ON 1-2-15
808 L ST SE   
12/10/14 
NAVY YARD ASSOCIATES LLC / KE-MAURELLE PREDDIE
B1412006 / CONSTRUCTION
NEW OFFICE USE FOR 1254 SQ. FT. EXISTING TWO STORIES PLUS BASEMENT STRUCTURE ON SE / C-3-A ZONING DISTRICT. MECHANICAL ELECTRICAL AND PLUMBING REMAIN AS IS.
80 M ST SE   
12/10/14 
WELLS REIT II 80 M STREET LLC / ANTHONY G SAMBURG
E1501724 / SUPPLEMENTAL
14 M ST SE   
12/16/14 
ROMAN CATHOLIC ARCHBISHOP OF WASHINGTON / PHILLIP B. MOBLEY
FB1500047 / SUPPLEMENTAL
20 M ST SE   
12/04/14 
TRANSWESTERN JEFFREY GROSS / OLLIE READ; TRANSWESTERN JEFFREY GROSS; CHRISTOPHER SCHULZE
AR66514546 / SUPPLEMENTAL
   
12/04/14 
TRANSWESTERN JEFFERY W GROSS / ANDREW ARNTSON; TRANSWESTERN JEFFERY W GROSS; ANDREW ARNTSON
P96600069 / SUPPLEMENTAL
80 M ST SE   
12/03/14 
MARY JACKSON
PC44081129 / POST CARD
REPLACEMENT OF NOT MORE THAN 1 GAS APPLIANCE ON A RESIDENTIAL COMMERCIAL OR INDUSTRIAL PROJECT.
   
12/05/14 
WELLS REIT II 80 M STREET LLC /
P1501746 / SUPPLEMENTAL
100 M ST SE   
12/03/14 
SQUARE 743 INC. / SAM HOLLEN RAMCO OF DC INC.
B1502037 / CONSTRUCTION
INTERIOR RENOVATION TO 4TH FLOOR OFFICE SPACE. SUBDIVIDE TENANT SPACE AND ADD PANTRY. PARTITIONS MEP AND LIFE SAFETY. NORTHWOOD INVESTORS LLC
202 M ST SE   
12/10/14 
DISTRICT OF COLUMBIA / WOODY WICKLIFFE
TN1500035 / CONSTRUCTION
INSTALL 50FT X 100FT TENT NO GENERATORS NO COOKING NO SMOKING NO STAGES 10FT X 70FT TENT INSTALLED DEC 11-15 2014 EVENTS DEC 12-14 2014 12:01PM - 9:00 PM
1201 M ST SE   
12/11/14 
CARLTON RAY
AH1500149 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
75 N ST SE   
12/11/14 
CRANE SERVICE CO / CHRISTINE LONG
AH1500150 / CONSTRUCTION
AN AFTER HOURS PERMIT IS RESPECTFULLY REQUESTED FROM 2:00AM THRU 11:00PM
800 NEW JERSEY AVE SE   
12/08/14 
SQUARE 737 LLC / GLENNWOOD ROGERS
P1501673 / SUPPLEMENTAL
25 POTOMAC AVE SE   
12/02/14 
RIVERFRONT HOLDINGS I LLC C/O ECC INC. / ECC INC.
UT1500007 / CONSTRUCTION
REMOVAL OF ONE 100-GALLON UNDERGROUND STORAGE TANK DURING MASS EXCAVATION ACTIVITIES FOR SITE REDEVELOPMENT.
   
12/03/14 
RIVERFRONT HOLDINGS I LLC / WOODY WICKLIFFE
TN1500032 / CONSTRUCTION
INSTALL 40FT X 80FT TENT NO COOKING NO SMOKING NO PROPANE NO LIGHTING 40FT X 40FT TENT 2 GENERATORS 25KW EACH 20FT X 20FT TENT 8FT X 20FT PLATFORM 40FT X 40FT PLATFORM 20FT X 20FT PLATFORM INSTALLED DEC 8 -9 2014 EVENT DEC 9 2014 9AM - 4PM
   
12/05/14 
FLORIDA ROCK PROPERTIES INC / ROBERT S. WATTS
E1501658 / SUPPLEMENTAL
   
12/05/14 
RIVERFRONT INVESTMENT PARTNERS / JASON BENTLEY
B1408697 / CONSTRUCTION
CONSTRUCTION OF NEW 9 STORY BUILDING. THIRD PARTY REVIEW
1500 SOUTH CAPITOL ST SE   
12/18/14 
NATIONALS PARK / MARK W GIBSON
E1501975 / SUPPLEMENTAL
300 TINGEY ST SE   
12/15/14 
FC BOILERMAKER LLC / GREGORY BIRCKHEAD; FC BOILERMAKER LLC; MICHAEL BELL
E55526822 / 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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