Since January, 2003
            
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May 4, 2003
June 28, 2007
2nd (East) at M, Looking South-Southeast (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  
900 B/O M ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
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50 M ST SE   THEFT FROM AUTO
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 10/08/18
1100 B/O 10TH ST SE   THEFT
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 10/07/18
100 B/O M ST SE   ROBBERY  10/05/18
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Theft First Degree (theft From Motor Vehicle)
 10/04/18
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Theft 2nd Degree (theft From Building)
 09/28/18
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Theft (theft From Motor Vehicle)
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100 B/O L ST SE   THEFT FROM AUTO
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Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/12/18 
null / DONNA G GRAHAM
AH1900071 / CONSTRUCTION
WR #3585809 - M.ALLEN / A.PRICE - 1100 2ND PLACE SE - PEPCO CREWS WILL BE SPLICING CABLES AT NIGHT STARTING 10 / 15 / 18 UNTIL 11 / 2 / 18 FROM 10:00 PM TIL 7:00AM MONDAY THROUGH SUNDAYS
1346 4TH ST SE   
09/28/18 
ALAN OWINGS / ROBERT HENRY
AH1801345 / CONSTRUCTION
After Hours Permit for 10 / 08 / 2018 to perform construction work with the below activities: Interior Operations: 7AM - 7PM - ADVANCED NOTICE TO RESIDENTS, OPERATION CONTACT PERSON ON SITE TO ADDRESS ANY UNEXPECTED NOISE ISSUES BEFORE 9:00AM WITH CONTACT NAME AND TELEPHONE. Exterior Operations: 9AM-7PM - NO EXTERIOR ACTIVITY, TRAFFIC, NOISE GENERATION BEFORE 9am WITH ON SITE OBSERVANCE. ...
   
10/09/18 
FC 1346, LLC / null
E1900300 / SUPPLEMENTAL
   
10/18/18 
FC 1346, LLC / DFM DEVELOPMENT SERVICES, LLC
B1809670 / CONSTRUCTION
Parcel O-2 at the Yards. Revision to Permit B1610576 for installation of flood wall on 5th Street, SE, the reduction of roadway width, and widening of sidewalk to provide adequate pedestrian clear space between flood wall and edge of tree pit. TPR
2 I ST SE   
09/26/18 
MCDONALDS CORPORATION / null
E1811060 / SUPPLEMENTAL
   
10/09/18 
CRESECENT CAPTIAL VIEW / null
P1900223 / SUPPLEMENTAL
   
10/17/18 
MCDONALDS CORPORATION / DONNA G GRAHAM
AH1900080 / CONSTRUCTION
WR #3573836 - M.ALLEN / BRUNO - WARD 6 - 20003 - PEPCO CREWS WILL BE WORKING #2 I ST SE - MAY NEED TO BLOCK "I" STREET ON OCCASION TO INSTALL NETWORK TRANSFORMERS AND INSTALL AND SPLICE CABLES - CREW WILL BE WORKING AT NIGHTS DURING THE WEEK (MONDAY-FRIDAYS) FROM 9PM TIL 7AM - PEPCO CREWS WILL ALSO BE WORKING SATURDAY AND SUNDAYS FROM 6AM TIL 6PM - WORK IS ONGOING
4 I ST SE   
10/09/18 
CRESCENT COMMUNITIES / null
P1900221 / SUPPLEMENTAL
328 K ST SE   
09/27/18 
MARK BARRETT / null
E1811075 / SUPPLEMENTAL
   
10/04/18 
MARK BARRETT / BJORN FALK
SOL1800999 / CONSTRUCTION
Installation of a 5.559kW solar PV system. Roof mounted, 17 panels with integrated microinverters.
401 L ST SE   
10/11/18 
MICHAEL R BRICKMAN / FLOYD H. FURR
P1900299 / SUPPLEMENTAL
   
10/11/18 
MICHAEL R BRICKMAN / DARIUS LYVERS 703-491-1234
M1900108 / SUPPLEMENTAL
300 M ST SE 8TH FLOOR 20003   
10/22/18 
JBG SMITH - MORGAN JOHNSON-MASSEY / null
E1900736 / SUPPLEMENTAL
400 M ST SE   
10/18/18 
CAPPER SENIOR 11 LIMITED PARTNERSHIP / null
E1900650 / SUPPLEMENTAL
1111 NEW JERSEY AVE SE   
10/17/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
E1900581 / SUPPLEMENTAL
79 POTOMAC AVE SE 1ST FL   
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RIVERFRONT HOLDINGS I LLC / null
P1900101 / SUPPLEMENTAL
71 POTOMAC AVE SE   
09/28/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
AH1801325 / CONSTRUCTION
After hours to pour concrete with pump truck 9 / 28 / 2018 to 10 / 28 / 22018 from 11pm to 7am
   
10/04/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
AH1900029 / CONSTRUCTION
Afterhours to pour concrete with pump truck saturday 10 / 06 / 2018 from 12am to 7am
79 POTOMAC AVE SE   
10/04/18 
RIVERFRONT HOLDINGS I LLC / null
M1900054 / SUPPLEMENTAL
201 TINGEY ST SE   
10/09/18 
JBG/SEFC 170 LLC / DONNA G GRAHAM
AH1900051 / CONSTRUCTION
WR #3566756 - M.ALLEN / BRUNO - 201 TINGEY ST SE - PEPCO CREWS WILL BE INSTALLING NETWORK TRANSFORMERS AND INSTALLING CABLES - PEPCO WILL HAVE TO SHUT DOWN 3RD ST BETWEEN WATER ST & TINGEY ST SE TO SET TRANSFORMERS ONLY - WORK WILL BEGIN 10 / 12 / 18 THROUGH 11 / 30 / 18 - MONDAY THRU FRIDAYS FROM 10PM TIL 8AM AND SATURDAYS AND SUNDAYS FROM 6AM TIL 6PM
227 TINGEY ST SE   
10/09/18 
FOREST CITY WASHINGTON / DFM DEVELOPMENT SERVICES, LLC
AH1900056 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for follow-up test run of the precast concrete façade panel installation. Work to take place 7pm on 10 / 10 to 7am on 10 / 11.
   
10/15/18 
GONE YARD HOTEL OWNER LLC / MICHAEL ERIC CAMPBELL 703-631-2711
FB1900011 / SUPPLEMENTAL
NO. TO BE INSTALLED (2) GROSS RATING: 999999 BTU / HR NATURAL GAS STEAM PRESSURE 160 PSI OUTPUT: 960,000 BTU / HR
   
10/15/18 
GONE YARD HOTEL OWNER LLC / MICHAEL ERIC CAMPBELL
UP1900012 / SUPPLEMENTAL
   
10/17/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
AH1900079 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for the purpose of installing precast concrete façade panels. Work to take place 7PM to 7AM, 10 / 22 through 11 / 3.
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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Project Directory
Completed
99 M ('18)
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One Hill South ('17)
Homewood Suites ('16)
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Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Cap. ('13)
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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)
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20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)


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