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March 12, 2015
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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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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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1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2 (Theft F/Building)
 04/25/15
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400 B/O M ST SE   THEFT
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50 B/O M ST SE   THEFT
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100 B/O K ST SE   THEFT F/AUTO
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 04/04/15
400 B/O M ST SE   THEFT
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 04/03/15
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1401 11TH ST SE    Maryland Transit Administration 
Issued
new  
 12/30/14
to
12/29/15
861 NEW JERSEY AVE SE    CSX Transportation Inc. 
Assigned
paving; excavation  
 01/09/15
to
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1100 NEW JERSEY AVE SE    Capitol Riverfront BID 
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 08/19/14
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Recent Issued Building Permits Archive  
1011 1ST ST SE   
04/20/15 
COLIN CLARK / MICHAEL BIANCO; COLIN CLARK; MITCH PERMUY
E98099105 / SUPPLEMENTAL
1265 1ST ST SE   
04/10/15 
CAPITAL RIVERFRONT HOTEL LLC / JERONE SCOTT
P1504925 / SUPPLEMENTAL
   
04/10/15 
BIT INVESTMENT FIFTY-EIGHT LLC / OTIS ELEVATOR COMPANY
EN1501330 / SHOP DRAWING
TYPE OF ELEVATOR : TWO (2) TRACTION / STEEL / CENTRAL / VERTICAL TRANSPOTATION LICENSE NUMBER : ELC1300386 ISSUE DATE : 08 / 04 / 2014 EXPIRATION DATE 11-30-2015
1277 1ST ST SE   
04/15/15 
BALLPARK RESIDENTIAL LLC / CLARK CONSTRUCTION GROUP LLC
AH1500366 / CONSTRUCTION
ON-SITE PROJECT WORK AND TRUCK DELIVERY HOURS 6:00AM - 7:00PM MONDAY THROUGH SATURDAY FOR THE PROJECT DURATION AND THE FOLLOWING HOLIDAYS: EMANCIPATION DAY 4 / 16 / 15 COLUMBUS DAY 10 / 12 / 15 VETERANS DAY 11 / 11 / 15
1331 4TH ST SE   
04/17/15 
CLARK CONCRETE
AH1500371 / CONSTRUCTION
AFTERHOURS TO POUR CONCRETE ON ROOF FROM 4 / 20 / 2015 TO 5 / 20 / 2015 FROM 7PM TO 7AM
   
04/21/15 
FC 1331 LLC / JAMES G HOLT
E1505081 / SUPPLEMENTAL
1150 5TH ST SE   
04/09/15 
DISTRICT OF COLUMBIA JEFFREY LUKER QUINN EVANS ARCHITECTS / REBECCA RUSCHMA ECS MID-ATLANTIC
SB1500233 / CONSTRUCTION
WE WILL PERFORM A TOTAL OF TWO SOIL BORINGS ON THE PROPOSED SITE AND ONE AUGER PROBE BORING FOR INFILTRATION TESTING. ONE BORING WILL EXTEND TO A DEPTH OF 100 FEET AND THE ANOTHER WILL EXTEND TO A DEPTH OF 15 FEET BELOW EXISTING SITE GRADES AND WILL BE LOCATED WITHIN THE BOUNDS OF THE PRIVATE PROPERTY. WE WILL ALSO DRILL ONE PROBE BORING OFFSET FROM THE 15 FOOT BORING TO A DEPTH OF APPROXIMATELY 1...
   
04/15/15 
DGS DCPS / BRUCE PAIGE INDUSTRIAL SERVICES
B1506192 / CONSTRUCTION
REPLACE EXISTING INOPERABLE GENERAC GENERATOR WITH A NEW 6.7L GENERAC GENERATOR
1015 HALF ST SE   
04/11/15 
HALF ST SE LLC / ANDREW ARNTSON; HALF ST SE LLC; ANDREW ARNTSON
P63100436 / SUPPLEMENTAL
55 M ST SE   
04/14/15 
HINES GLOBAL REIT / JOHN GIUSEPPE-RAMCO
TL1500090 / CONSTRUCTION
FIRST TIME TENANT CONSTRUCTION FOR NEW OFFICE SPACE ON THE 9TH FLOOR FINCANTIERI MARINE GROUP AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECH. PLUMB. ELECT. FIRE PROTECTION AND ARCH. PLANS BY KTA GROUP. INTERIOR WORK ONLY. NO CHANGE IN USE.
   
04/15/15 
HINES GLOBAL REIT / JOHN GIUSEPPE-RAMCO
TL1500077 / CONSTRUCTION
TENANT LAYOUT TO CONSTRUCTION NEWTHIRD FLOOR OFFICE SPACE FOR GREAT MINDS AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECH. PLUMB. ELECT. FIRE PROTECTION AND ARCH. DWGS. BY KTA. INTERIOR WORK ONLY NO STRUCTURAL WORK INVOLVED.
   
04/17/15 
HINES GLOBAL REIT 55 M STREET LLC /
P1505068 / SUPPLEMENTAL
   
04/22/15 
HINES GLOBAL REIT 55 M STREET LLC / JOSEPH SAFFER
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80 M ST SE   
04/20/15 
WELLS REIT II 80 M STREET LLC / JOHN GIUSEPPE-RAMCO
B1503697 / CONSTRUCTION
RENOVATIONS TO EXISTING 5TH FLOOR OFFICE SPACE FOR TASC PHASE I AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECH. PLUMB. ELECT. FIRE PROTECTION DEMOLITION AND ARCH. DWGS. BY KTA. INTERIOR WORK ONLY. NO STRUCTURAL WORK INVOLVED. NO CHANGE IN USE.
   
04/22/15 
WELLS REIT II 80 M STREET LLC /
P1505220 / SUPPLEMENTAL
50 M ST SE   
04/07/15 
KCG 50 M LLC / FVI2020
B1501877 / CONSTRUCTION
A NEW 11 STORY AND PENTHOUSE LEVEL HOTEL WITH 195 ROOMS INCLUDING 766 SQ-FT FUNCTION ROOM 2ND FLOOR AND 4874 SQ-FT OF GENERAL RETAIL USE ON THE 1ST FLOOR. THE BUILDING WILL HAVE 2 BELOW GRADE PARKING LEVELS TO ACCOMODATE REQUIRED AUTOMOBILE PARKING. LOADING IS ACCOMODATED AT THE 1ST FLOOR.
55 M ST SE   
04/23/15 
HINES GLOBAL REIT 55 M STREET LLC / BERNARD D SASSER
E1505192 / SUPPLEMENTAL
80 M ST SE   
04/21/15 
WELLS REIT II 80 M STREET LLC / RONNIE E WRIGHT
E1505080 / SUPPLEMENTAL
   
04/21/15 
NOT AVAILABLE NOT AVAILABLE / NEIL NUTWELL; NOT AVAILABLE NOT AVAILABLE; NEIL NUTWELL
P84507258 / SUPPLEMENTAL
   
04/21/15 
UNKNOWN UNKNOWN / PATRICK BARRON; UNKNOWN UNKNOWN; ROBIN MALLEY
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04/22/15 
WELLS REIT 80 M STREET LIC / FRED MILLER; WELLS REIT 80 M STREET LIC; DOMINIC TOTARO
AR62521964 / SUPPLEMENTAL
   
04/23/15 
TASC TASC / KEVIN HOOVER; TASC TASC; KEVIN HOOVER
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300 M ST SE   
04/21/15 
NA NA NA
EHOP1290001 / HOME OCCUPATION
1201 M ST SE   
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COPT / EVAN O'BRIEN/ D MCKEEVER SERVICES
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1200 NEW JERSEY AVE SE   
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RENOVATIONS FOR NATIONALS NEW TEAM STORE LOCATED AT THE EAST GARAGE CONCOURSE AND 400 LEVELS AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECHANICAL PLUMBING ELECTRICAL FIRE PROTECTION DEMOLITION ARCHITECTURAL AND STRUCTURAL DWGS. BY ECS MID-ATLANTIC LLC.
   
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B1505076 / CONSTRUCTION
RENOVATIONS TO EXISTING CONCESSION STAND LOCATED ON THE 300 LEVEL OF NATS PARK STAND 310 NATIONALS PIZZA AS SHOWN ON THE ATTACHED THIRD PARTY REVIEWED AND APPROVED MECH. PLUMB. ELECT. FIRE PROTECTION AND ARCH. DWGS. BY ECS MID-ATLANTIC LLC. NO CHANGE IN USE NO STRUCTURAL WORK INVOLVED.
   
04/07/15 
NATIONALS STADUIM / RANDAL COX; NATIONALS STADUIM; RANDAL COX
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04/08/15 
WASHINGTON NATIONAL STADIUM LIC. / DAVID C. WILLIAMS
E1504771 / SUPPLEMENTAL
   
04/09/15 
JOHN GIUSEPPE / PHIL HAUHN; JOHN GIUSEPPE; PHILIP HAUHN
E19554829 / SUPPLEMENTAL
   
04/15/15 
WASHINGTON NATIONALS STADIUM LLC / JOHN GIUSEPPE-RAMCO
B1506296 / CONSTRUCTION
REVISION TO BLDG. PERMIT B1503799 NEW TEAM STORE AT NATIONALS PARK AS PER THE ATTACHED THIRD PARTY REVIEWED AND APPROVED REVISED MECH. PLUMB. ELECT. FIRE PROTECTION AND ARCH. PLANS BY ECS MID ATLANTIC LLC. ORIGINAL APPROVED PLAN SET ATTACHED ALONG WITH WRITTEN DESCRIPTION OF CHANGES MADE.
   
04/17/15 
WASHINGTON NATIONAL STADIUM LLC / DOMINIC E TOTARO
M1501639 / SUPPLEMENTAL
   
04/17/15 
WASHINGTON NATIONALS STADIUM / STEPHEN J. EXELBERT
P1505092 / SUPPLEMENTAL
   
04/22/15 
WASHINGTON NATL STADIUM / JAMES W. SCHIFFHAUER
E1505137 / 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;

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
 
1201 HALF ST SE   02/19/15
$ 9,000,000
WEST HALF RESIDENTIAL II LLC
 
N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
0038 N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
0036 N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
R N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
0030 N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
0032 N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
N ST SE   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
1275 HALF ST   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
HALF ST   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
M ST   02/19/15
$ 36,000,000
WEST HALF RESIDENTIAL III LLC
 
1ST ST SE   02/10/15
$ 1,913,472
BALLPARK HOTEL LLC
 
1ST ST SE   02/10/15
$ 1,913,472
BALLPARK HOTEL LLC
 
1ST ST SE   02/10/15
$ 1,913,472
BALLPARK HOTEL LLC
 
1ST ST SE   02/10/15
$ 6,600,000
BALLPARK RESIDENTIAL LLC
 
1ST ST SE   02/10/15
$ 6,600,000
BALLPARK RESIDENTIAL LLC
 
1ST ST SE   02/10/15
$ 6,600,000
BALLPARK RESIDENTIAL LLC
 
1ST ST SE   02/10/15
$ 6,600,000
BALLPARK RESIDENTIAL LLC
 


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