Since January, 2003
            
 Sliding from Before to After

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  
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/24/18
1200 B/O 1ST ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/24/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/23/18
1100 B/O 2ND PLACE SE   THEFT
Theft 2nd Degree (theft From Building)
 04/20/18
1000 B/O 1ST ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/20/18
1100 B/O NEW JERSEY AVE SE   SEX ABUSE
First Degree Sexual Abuse
 04/17/18
400 B/O M ST SE   THEFT
Shoplifting
 04/17/18
100 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/17/18
UNIT B/O N ST SE   ROBBERY  04/14/18
100 B/O I ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/12/18
UNIT B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/12/18
1200 B/O 4TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/09/18
150 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 04/07/18
1000 B/O 3RD ST SE   BURGLARY
Burglary One
 04/07/18
1200 B/O NEW JERSEY AVE SE   ROBBERY
Assault W/i To Commit Robbery (simple Assault)
 04/05/18
UNIT B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/01/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/31/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 03/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 03/28/18

Recent Issued Building Permits Archive  
1331 2 ST SE   
04/02/18 
DISTRICT OF COLUMBIA / MARK HARLOW CLIFFORD
SB1800225 / CONSTRUCTION
Application for Well Abandonment Workplan Approval for the abandonment of 8 monitoring wells and 21 inclinometers at the Main Pumping Station site for the DC Water Clean Rivers Project, Division I, installed under Permit Number SB1400419.
1100 2ND PL SE   
04/19/18 
CAPPER CARROLLSBURG VENTURE, LLC / TAMIKA STATON; OTIS
EN1801710 / SHOP DRAWING
Install 1 New G2S 3500LBS @350FPM, Elevator 2; 13 Floors
   
04/19/18 
CAPPER CARROLLSBURG VENTURE, LLC / TAMIKA STATON; OTIS
EN1801712 / SHOP DRAWING
Install 2 New G2S Elevators - 3500LBS@35FPM Elevator 1, 12 Floors
1331 2ND ST SE 20003   
04/05/18 
DC WATER / DAVE LEVINE
AH1800744 / CONSTRUCTION
After Hours work for structure excavation in support of DC Water, Corrman Construction 301-343-5417.
1300 4TH ST SE   
04/17/18 
null / DONNA G GRAHAM
AH1800863 / CONSTRUCTION
WR #3476633-WARD 6-20003-VAETH / BRUNO - PEPCO CREWS WILL BE WORKING THE 1200 - 1300 BLK OF 4TH ST SE - INSTALLING NETWORK TRANSFORMER AND INSTALLING PRIMARY CABLES - STARTING THURSDAY 4 / 19 / 18 UNTIL 5 / 19 / 18 - MONDAY THRU FRIDAYS AT 10PM UNTIL 10AM AND ON SATURDAY AND SUNDAYS FROM 6AM TIL 8PM.
1346 4TH ST SE   
04/10/18 
ALAN OWINGS / ROBERT HENRY
AH1800796 / CONSTRUCTION
After Hours Permit for 04 / 16 / 18 from 9AM to 7PM to perform facade, interior unit framing and drywall work, and interior Mechanical, Electrical, Plumbing and Sprinkler Rough-In.
82 I ST SE   
04/02/18 
GDVC EYE STREET LLC / null
FB1800055 / SUPPLEMENTAL
150 I ST SE   
03/29/18 
null / JOHN THOMSON 3018645080
E1805337 / SUPPLEMENTAL
300 M ST SE 400   
04/09/18 
FEDERAL CENTER LP / null
M1801970 / SUPPLEMENTAL
300 M ST SE STE# 400 20024   
04/05/18 
CHARLES SMITH / EUGENE AHNS 3012811497
E1805597 / SUPPLEMENTAL
300 M ST SE STE# 400   
04/12/18 
FEDERAL CENTER LP / null
P1805161 / SUPPLEMENTAL
401 M ST SE   
04/03/18 
TETRA TECH C/O DOEE / JESSICA REICHARD
AH1800767 / CONSTRUCTION
After hours permit for manhole access to complete inspections for DOEE Anacosta River Sediment clean up project, work hours between 7pm and 7am Monday thru Friday. Rolling work zones for all manhole access under permit # PA10374319-R1
800 NEW JERSEY AVE SE   
04/05/18 
SQUARE 737 LLC / null
P1804974 / SUPPLEMENTAL
   
04/09/18 
SQUARE 737 LLC / null
E1805700 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
04/02/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION, INC.
AH1800715 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
   
04/11/18 
CONSOLIDATED RAIL CORPORATION / DEVIN MURDOCK
SB1800265 / CONSTRUCTION
Drill 8 borings to 40ft. Convert 4 borings into 1" temporary wells, collect groundwater from each well and abandon borings.
1100 NEW JERSEY AVE SE 2ND FLOOR   
04/20/18 
SQUARE 742 LLC / null
E1806043 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
04/18/18 
null
E1805988 / SUPPLEMENTAL
1115 NEW JERSEY AVE SE   
04/17/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / GARY BRENT; BRENT
SG1800260 / CONSTRUCTION
Install 1 illuminated wall sign, 1 illuminated window sign and 1 window vinyl decal sign - Peets Coffee
1100 NEW JERSEY AVE SE 5TH FL   
04/19/18 
SQUARE 742 LLC / DOMINIC E TOTARO 301-725-1998
M1802089 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
04/13/18 
SQUARE 742 LLC / CLIFFORD DIXON
B1804348 / CONSTRUCTION
INTERIOR RENOVATIONS TO OFFICE SPACE ON THE 5TH FLOOR. **DEMOLITION, LEVEL 2 ALTERATION
   
04/19/18 
SQUARE 742 LLC / PEDRO C. CASTILLO 3019219056
E1806025 / SUPPLEMENTAL
   
04/19/18 
SQUARE 742 LLC / null
E1806015 / SUPPLEMENTAL
1115 NEW JERSEY AVE SE   
04/06/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / ACCUPERMIT LLC AS AGENT
B1803009 / CONSTRUCTION
Interior alterations for new tenant in existing commercial space to include partitions, mill work, electrical and plumbing fixtures, flooring and wall coverings, dining area furniture and kitchen equipment for a A-2 restaurant with 49 proposed occupancy.
125 O ST SE   
03/29/18 
DISTRICT OF COLUMBIA / JAMES M. HALLER
P1804624 / SUPPLEMENTAL
   
04/09/18 
DISTRICT OF COLUMBIA / TAMIKA STATON; OTIS
EN1801762 / SHOP DRAWING
I New G2S Elevator - 3500LBS @ 200FPM (7 Floors)
   
04/09/18 
DISTRICT OF COLUMBIA / TAMIKA STATON; OTIS
EN1801763 / SHOP DRAWING
Install 1 New G2S Elevator - 3500LBS @ 200FPM (6 Floors)
   
04/09/18 
DISTRICT OF COLUMBIA / TAMIKA STATON; OTIS
EN1801761 / SHOP DRAWING
Install 1 New G2S Elevators 4000LBS @ 200FPM (7 Floors)
71 POTOMAC AVE SE 20002   
04/19/18 
null / STEVE GRIFFIN
BP1802939 / POST CARD
71 POTOMAC AVE SE   
04/17/18 
RIVERFRONT HOLDINGS I LLC / JUSTIN BELLOW
FD1800020 / CONSTRUCTION
Foundation only for new residential building
227 TINGEY ST SE   
04/12/18 
UNITED STATES OF AMERICA / STEPHEN J. EXELBERT
P1805022 / SUPPLEMENTAL
300 TINGEY ST SE   
04/12/18 
MERCURY LLC / WILL TEASS
B1803433 / CONSTRUCTION
INTERIOR FIT-OUT / EXTENSION OF EXISTING TENANT SUITE (APPROVED UNDER B1605215) INCLUDING NEW MECHANICAL AND ELECTRICAL WORK. **LEVEL 2 ALTERATION
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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