Since January, 2003
 (a random before-and-after moment)
April 20, 2006
November 11, 2012
3rd Place at L, 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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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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Recent Crime Incidents Archive  
0 B/O POTOMAC AVE SE   ROBBERY
Robbery/Attempt To Commit Robbery
 03/28/15
600 B/O VIRGINIA AVE SE   ROBBERY  03/22/15
300 B/O TINGEY ST SE   THEFT
2nd Degree
 03/22/15
500 B/O L ST SE   THEFT
Theft 1st Degree
 03/21/15
50 B/O M ST SE   THEFT
2nd Degree
 03/10/15
300 B/O L ST SE   MOTOR VEHICLE THEFT
Unauthorized Use Of Vehicle
 03/08/15
700 B/O L ST SE   ROBBERY
Robbery -- Force & Violence
 03/07/15
1300 B/O 4TH ST SE   THEFT
Theft 1 (Theft F/Building)
 03/02/15
70 B/O I ST SE   THEFT
2nd Degree
 03/01/15
100 B/O K ST SE   THEFT F/AUTO
 03/01/15
1000 B/O 5TH ST SE   THEFT F/AUTO
Theft From Auto 1
 02/28/15
400 B/O M ST SE   THEFT
2nd Degree
 02/28/15

Active Public Space Permits Archive  
No records added or modified in the past two weeks.

Recent Issued Building Permits Archive  
1233 1ST ST SE   
03/25/15 
BALLPARK HOTEL LLC / APS INSPECTIONS
B1403486 / CONSTRUCTION
THE SCOPE OF WORK FOR THE 1233 1ST ST SE SUBMISSION IS THE CORE AND SHELL ONLY OF A NEW 12 STORY BUILDING. THE APPROXIMATELY 127 200 SF BUILDING IS INTENDED TO BE A HOTEL. THE FUTURE INTERIOR FIT-OUT WILL BE SUBMITTED SEPARATELY. THE BUILDING WILL SIT ON TOP OF GROUND FLOOR RETAIL / LOBBY LEVEL SUBMITTED AS PART OF A SEPARATE SUBMISSION FOR 1277 1ST ST SE.
1277 1ST ST SE   
03/25/15 
BALLPARK RESIDENTIAL LLC / BALL PARK SQUARE LLC
B1403488 / CONSTRUCTION
THE SCOPE OF WORK FOR THE 1277 1ST ST SE SUBMISSION INCLUDES 2 LEVELS OF BELOW GRADE PARKING TOTALING 370-380 PARKING SPACES A GROUND FLOOR RETAIL / LOBBY / LOADING LEVEL WITH APPROXIMATELY 26 500 SF OF RETAIL AND AN APPROXIMATELY 304 000 SF 13 STORY APARTMENT BUILDING CONTAINING APPROXIMATELY 326 UNITS.
1299 1ST ST SE   
03/16/15 
BALL PARK SQUARE LLC / PHYLLIS STEVENS
B1403487 / CONSTRUCTION
THE SCOPE OF WORK FOR THE 1299 1ST ST SE SUBMISSION IS THE CORE AND SHELL OF A NEW APPROXIMATELY 7 600 SF 2 STORY RETAIL BUILDING WITH A SINGLE BASEMENT LEVEL. THE BUILDING IS INTENDED TO BE A RESTAURANT. THE FUTURE INTERIOR FIT-OUT WILL BE PERMITTED SEPARATELY.
1007 8TH ST SE   
03/10/15 
CALLE OCHO LLC / RALPH THREATT
E1503913 / SUPPLEMENTAL
909 HALF ST SE   
03/26/15 
23 I LLC / WAYNE REEP; 23 I LLC; WAYNE REEP
E37408577 / SUPPLEMENTAL
1015 HALF ST SE   
03/17/15 
BON CHON / PHILIP GODAIRE; BON CHON; PHILIP GODAIRE
P42469697 / SUPPLEMENTAL
   
03/17/15 
EVAN OBRIEN / JOSEPH ABRESCH; EVAN OBRIEN; ROBERT HUNSBERGER
E74054014 / SUPPLEMENTAL
   
03/25/15 
HALF ST SE LLC / GEORGE DELGADO
B1501688 / CONSTRUCTION
INTERIOR ALTERATION TO 3 4 5 FLOORS AND PARTIAL 6TH FLOOR. WORK TO INCLUDE ELECTRICAL MECHANICAL AND PLUMBING
   
03/25/15 
SAM HOLLEN / GARY MCVEY; SAM HOLLEN; GARY MCVEY
E58849835 / SUPPLEMENTAL
82 I ST SE   
03/17/15 
CSX TRANSPORTATION INC / MITCH A. PERMUY
E1504130 / SUPPLEMENTAL
100 I ST SE   
03/26/15 
NA NA NA
EHOP1590452 / HOME OCCUPATION
300 M ST SE   
03/13/15 
FEDERAL CENTER LP / GREGORY E LIGON
E1504060 / SUPPLEMENTAL
250 M ST SE   
03/12/15 
DAN MCCABE / MICHAEL YASEK
SB1500183 / CONSTRUCTION
FIVE 70-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.
300 M ST SE   
03/10/15 
FEDERAL CENTER LP /
P1504050 / SUPPLEMENTAL
909 NEW JERSEY AVE SE   
03/16/15 
909 NEW JERSEY AVENUE ACQUISITION LLC / DENNIS LEE WINDSOR
M1501348 / SUPPLEMENTAL
ONE UNIT IS A 10 TON UNIT AND 2 ADDITIONAL UNITS ARE 7.5TONS
   
03/17/15 
909 NEW JERSEY AVENUE ACQUISITION LLC / DAVID L. HAHN
P1504255 / SUPPLEMENTAL
1000 NEW JERSEY AVE SE   
03/14/15 
PHILIP BROWN
PC93167082 / POST CARD
REPLACEMENT OF NOT MORE THAN 1 GAS APPLIANCE ON A RESIDENTIAL COMMERCIAL OR INDUSTRIAL PROJECT.
1111 NEW JERSEY AVE SE   
03/19/15 
NJA ASSOCIATES LLC / THOMAS P MCGUIRE
E1504215 / SUPPLEMENTAL
25 POTOMAC AVE SE   
03/18/15 
RIVERFRONT HOLDINGS I LLC / GLENNWOOD ROGERS
P1504172 / SUPPLEMENTAL
301 WATER ST SE   
03/13/15 
FOREST CITY / FVI 2020
TL1500054 / CONSTRUCTION
NEW RESTAURANT TENANT LAYOUT AT THE LUMBER SHED PARCEL FOR AN OYSTER BAR WITH 55 INTERIOR SEATS (55 AT 1ST LEVEL AND 30 AT MEZZANINE) 10 STAFF AND 38 OUTDOOR SUMMER GARDEN SEATING.
   
03/13/15 
FC LUMBER SHED LLC / FLACK
TL1500055 / CONSTRUCTION
FULL SERVICE RESTAURANT LOCATED ON THE GROUND FLOOR WITH A TOTAL NUMBER OF SEATS OF 170. INDOORS SEATING IS 86 OUTDOORS SEATING IS 84 ALL OUTDOOR SEATS ARE LOCATED ON PRIVATE PROPERTY. TOTAL OCCUPANT LOAD OF 189 WHICH INCLUDES 19 STAFF.
   
03/18/15 
FC LUMBER SHED LLC / SEAN O JOHN
P1504295 / SUPPLEMENTAL
   
03/19/15 
FC LUMBER SHED LLC / DONALD V. ELLENBERGER
M1501405 / SUPPLEMENTAL
   
03/20/15 
LUMBER SHED LIC / ROBERT WATTS; LUMBER SHED LIC; ROBERT WATTS
E99575145 / 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  
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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