Since January, 2003
 (a random before-and-after moment)
April 24, 2011
May 24, 2015 
2nd (West) at Virginia, Looking South (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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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.

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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  
100 B/O L ST SE   THEFT F/AUTO
 05/15/15
200 B/O I ST SE   THEFT
2nd Degree
 05/15/15
1000 B/O 7TH ST SE   THEFT F/AUTO
 05/12/15
70 B/O I ST SE   THEFT
Theft 1st Degree
 05/09/15
1100 B/O 2ND ST SE   MOTOR VEHICLE THEFT
Unauthorized Use Of Vehicle
 05/05/15
UNIT B/O I ST SE   BURGLARY
2nd Degree Burglary (Armed Or Otherwise)
 05/02/15
1000 B/O 8TH ST SE   THEFT F/AUTO
 05/01/15
1100 B/O NEW JERSEY AVE SE   THEFT
2nd Degree
 04/26/15
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2 (Theft F/Building)
 04/25/15
   THEFT
Theft 2 (Theft F/Building)
 04/23/15
400 B/O M ST SE   THEFT
2nd Degree
 04/22/15

Recent Issued Building Permits Archive  
1011 1ST ST SE   
05/14/15 
COLIN CLARK / MICHAEL BIANCO; COLIN CLARK; MITCH PERMUY
E98099105 / SUPPLEMENTAL
1200 1ST ST SE   
05/12/15 
FOREST CITY WASHINGTON / WILL TEASS / PE TEASS - WARREN ARCHITECTS; WILL TEASS TEASS
BCIV1500073 / CONSTRUCTION
INSTALLATION OF EROSION SEDIMENT CONTROL FEATURES
1277 1ST ST SE   
05/15/15 
ANCHOR CONSTRUCTION
AH1500439 / CONSTRUCTION
EXCAVATION CATCH BASINS MANHOLE INSTALLATION SEWER ML TRENCH SEWER SERVICE LATERAL ABANDONMENT INSTALLATION OF VAULTS WATER LATERAL CONNECTION OVER 2 INCHES WATER SERVICE LATERAL ABANDONMENT WATER METER MANHOLE
1150 5TH ST SE   
05/04/15 
DISTRICT OF COLUMBIA / DOUGLAS FOSTER
D1500504 / CONSTRUCTION
SELECTIVE DEMOLITION FOR 49 500 SF.OF SPACE FOR DISTRICT OF COLUMBIA PUBLIC SCHOOL.
1007 8TH ST SE   
05/21/15 
CALLE OCHO LLC / ALAN W. CARTER
E1506005 / SUPPLEMENTAL
1015 HALF ST SE   
05/06/15 
HALF ST SE LLC / KRISTINA DELGADO
B1506055 / CONSTRUCTION
REVISION TO PERMIT NUMBER B1501688
   
05/12/15 
HALF ST SE LLC /
P1505751 / SUPPLEMENTAL
   
05/20/15 
HALF ST SE LLC / JOSEPH J FLYNN
E1505972 / SUPPLEMENTAL
1256 HALF ST SE   
05/05/15 
HALF STREET RESIDENTIAL PJV LLC / ANDREW WILLINGHAM BOHLER ENGINEERING; ANDREW WILLINGHAM
BCIV1500047 / CONSTRUCTION
PROPOSED ALLEY WORK WILL CREAT A 10' WIDE BENCH ON PRIVATE PROPERTY. WILL CASUE REGRADING AND RELOCATION OF EXISTING SHEETING AND SHORING.
82 I ST SE   
05/13/15 
GREYSTAR DEVELOPMENT GREYSTAR DEVELOPMENT / MARKO CZERKAS; GREYSTAR DEVELO GREYSTAR DEVELOPMENT; MITCH PERMUY
E77539507 / SUPPLEMENTAL
306 L ST SE   
05/14/15 
MICHAEL THOMPSON
B1507715 / CONSTRUCTION
FIRST EXTENSION TO PERMIT# B1311538 TO EXPIRE 10 / 17 / 2015
601 L ST SE   
05/05/15 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / EDUARDO L. LOPEZ
E1505414 / SUPPLEMENTAL
55 M ST SE   
05/21/15 
HINES GLOBAL REIT / JOHN GIUSEPPE-RAMCO
B1507922 / CONSTRUCTION
RENOVATIONS FOR EXPANSION OF 3RD FLOOR OFFICE SPACE GREAT MINDS AS SHOWN ON THE ATTACHED MECH. ELECT. FIRE PROTECTION DEMOLITION AND ARCH. DWGS. INTERIOR WORK ONLY. NO PLUMBING OR STRUCT. WORK INVOLVED.
80 M ST SE   
05/08/15 
WELLS REIT II 80 M STREET LLC / JOHN GIUSEPPE-RAMCO
B1504197 / CONSTRUCTION
RENOVATION TO 5TH FLOOR OFFICE SPACE TASC PHASE II AS SHOWN ON THE ATTACHED MECH. PLUMB. ELECT. FIRE PROTECTION DEMOLITION AND ARCHITECTURAL DWGS. INTERIOR WORK ONLY. NO CHANGE IN USE.
20 M ST SE   
05/05/15 
SOUTHEAST REALTY LLC / SAM HOLLEN RAMCO OF DC INC.
B1507131 / CONSTRUCTION
INTERIOR RENOVATION TO 7TH FLOOR OFFICE SPACE. PARTITIONS MECHANICAL ELECTRICAL AND LIFE SAFETY. BOOZ ALLEN HAMILTON
55 M ST SE   
05/04/15 
HINES GLOBAL REIT 55 M STREET LLC / GREGORIA G. ISRAEL
E1505446 / SUPPLEMENTAL
   
05/07/15 
UNKNOWN UNKNOWN / PATRICK BARRON; UNKNOWN UNKNOWN; ROBIN MALLEY
E92336177 / SUPPLEMENTAL
80 M ST SE   
05/12/15 
WELLS REIT II 80 M STREET LLC / RONNIE E WRIGHT
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05/12/15 
WELLS REIT LI 80 M STREET LIC / FRED MILLER; WELLS REIT LI 80 M STREET LIC; DOMINIC TOTARO
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05/13/15 
WELLS REIT II 80 M STREET LLC WELLS REIT II 80 M STREET LLC / NEIL NUTWELL; WELLS REIT II 8 WELLS REIT II 80 M STREET LLC; NEIL NUTWELL
P21967258 / SUPPLEMENTAL
100 M ST SE   
05/07/15 
SQUARE 743 INC. / JOHN GIUSEPPE-RAMCO
B1506295 / CONSTRUCTION
RENOVATIONS TO EXISTING 8TH FLOOR OFFICE SPACE TECH-MARINE BUSINESS AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECH. PLUMB. ELECT. FIRE PROTECTION AND ARCH. DWGS. BY KTA GROUP. INTERIOR WORK ONLY. NO CHANGE IN USE NO STRUCT. WORK.
   
05/08/15 
SQUARE 743 INC / ROB HOHL
P1505689 / SUPPLEMENTAL
   
05/08/15 
SQUARE 743 INC / GEORGE S OWEN
M1501845 / SUPPLEMENTAL
   
05/09/15 
SQUARE 743 INC / JOSE UMANZOR-ALVAREZ; SQUARE 743 INC; ROBERT LAWALL
E99685352 / SUPPLEMENTAL
   
05/13/15 
UNKNOWN UNKNOWN / PATRICK BARRON; UNKNOWN UNKNOWN; ROBIN MALLEY
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05/21/15 
SQUARE 743 INC. / ANDREW ARNTSON; SQUARE 743 INC.; ANDREW ARNTSON
P90727311 / SUPPLEMENTAL
1201 M ST SE   
05/06/15 
WASHINGTON GAS LIGHT CO / BERNARD G KALB
E1505525 / SUPPLEMENTAL
909 NEW JERSEY AVE SE   
05/07/15 
909 NEW JERSEY AVENUE ACQUISITION LLC / MATT LOSIGNOR
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1100 NEW JERSEY AVE SE   
05/06/15 
NAVY YARD 10127312 / VELOCITY WIRELESS
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REMOVE AND REPLACE 3 EXISITING PANEL ANTENNAS
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05/04/15 
DC WATER / MARIA WILSON
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AMEND PERMIT B1402631 TO CHANGE SOME INTERIOR PARTITION WALL LAYOUT.
   
05/06/15 
DISTRICT OF COLUMBIA / JAMES A. WILLIAMS
E1505521 / SUPPLEMENTAL
25 POTOMAC AVE SE   
05/15/15 
BARR CONCRETE
AH1500438 / CONSTRUCTION
AFTERHOURS TO POUR CONCRETE WITH PUMP TRUCK FROM 11PM 5 / 15 / 2015 TO 1159 PM 5 / 16 / 2015
1200 SOUTH CAPITOL ST SE   
05/14/15 
AMY PHILLIPS / MIKE YASEK
SB1500274 / CONSTRUCTION
FIVE 75-FOOT GEOTECHNICAL SPT SOIL BORINGS WILL BE PERFORMED WITH AN AUGER DRILLING RIG UTILIZING CONTINUOUS FLIGHT HOLLOW STEM AUGERS CREATING APPROXIMATELY 6-INCH DIAMETER BOREHOLES.
1230 SOUTH CAPITOL ST SE   
05/21/15 
PUBLIC STORAGE INSTITUTE FUND / BRAD FLEEGLE
AN1500143 / CONSTRUCTION
REPLACE 3 ANTENNA SUPPORT FRAMES INSTALL 3 ANTENNAS ? 3 RRUS ON EXISTING ROOFTOP.
1244 SOUTH CAPITOL ST SE   
05/11/15 
1244 SOUTH CAPITOL RESIDENTIAL L.L.C. / ROBERT S. WATTS
E1505679 / SUPPLEMENTAL
1500 SOUTH CAPITOL ST SE   
05/21/15 
JOHN GIUSEPPE / DONALD VEALS; JOHN GIUSEPPE; DONALD VEALS
E55177883 / SUPPLEMENTAL
301 WATER ST SE   
05/12/15 
FC LUMBER SHED LLC /
P1505749 / SUPPLEMENTAL
   
05/19/15 
LUMBER SHED LIC. / ROBERT WATTS; LUMBER SHED LIC.; ROBERT WATTS
E82501860 / SUPPLEMENTAL
355 WATER ST SE   
05/06/15 
FRIDAY NIGHT CONCERT SERIES / LINDSEY GORE
TN1500047 / CONSTRUCTION
SPECIAL EVENT FRIDAY NIGHT CONCERT 1 16 X 24 TENT NO GENERATORS 1 16 X16 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;

Real Property Sales Archive  
1022 - 1109 M ST SE   03/27/15
$ 5,000,000
WASHINGTON HUMANE SOCIETY
 
9TH ST SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
POTOMAC AV SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
POTOMAC AV SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
POTOMAC AV SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
1103 9TH ST SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
1105 9TH ST SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
816 POTOMAC AVE SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 
0819R L ST SE   03/03/15
$ 3,730,000
818 POTOMAC AVENUE SE LLC
 


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