Since January, 2003
            
 (a random before-and-after moment)
November 8, 2004
June 16, 2018
4th at L, Looking North-Northwest (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  
200 B/O I ST SE   ROBBERY  07/17/18
1200 B/O 1ST ST SE   THEFT
Theft First Degree (all Other Larceny)
 07/15/18
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 07/15/18
1200 B/O 4TH ST SE   ASSAULT WITH A DANGEROUS WEAPON  07/14/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/18
900 B/O POTOMAC AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/13/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/11/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/11/18
UNIT B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/10/18
100 B/O I ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/09/18
700 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 07/06/18
900 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/04/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/02/18
400 B/O M ST SE   THEFT
Shoplifting
 07/02/18
200 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 06/28/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/28/18
900 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/27/18
1000 B/O 1ST ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/25/18
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 06/24/18

Recent Issued Building Permits Archive  
1346 4TH ST SE   
07/02/18 
PC 1346 LLC / INSPECTOR STEVENS
B1811126 / CONSTRUCTION
For elevator review ONLY in reference to permit # B 1711594
   
07/11/18 
FC1346 LLC / ASHLY SALISBURY; KONE
EN1802014 / SHOP DRAWING
Installation of 4 KONE Mono500 Elevators
2 I ST SE   
07/02/18 
FORIDA ROCK PROPERTIES INC / DANIEL P. THOMPSON
P1807204 / SUPPLEMENTAL
   
07/03/18 
MCDONALDS CORPORATION / BOB BIROONAK; X
SG1800364 / CONSTRUCTION
one illuminated ID sign
417 I ST SE   
06/28/18 
DALE E OWEN / TIMOTHY P. CROPP 703-698-8855
M1802925 / SUPPLEMENTAL
202 M ST SE   
06/22/18 
UNITED STATES OF AMERICA / DAVID BERUBE
TN1800146 / CONSTRUCTION
40'x60' and 16'x16' tent for a private event not open to public. Event to take place during daylight hours between 1130 and 1630.
300 M ST SE   
07/02/18 
FEDERAL CENTER LP / null
E1808201 / SUPPLEMENTAL
400 M ST SE   
07/09/18 
null / DONNA G GRAHAM
AH1801113 / CONSTRUCTION
WR #3476633-VAETH / BRUNO-PEPCO CREWS WORKING THE 300-400 BLK OF M ST SE SPLICING CABLES - FROM TUESDAY NIGHT (7 / 10 / 18) THROUGH SATURDAY NIGJT (7 / 14 / 18) FROM 9PM TIL 9AM
861 NEW JERSEY AVE SE   
06/28/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION, INC.
AH1801055 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, and concrete structure construction activities. TO EXCLUDE LEGAL HOLIDAYS***
   
07/12/18 
CONSOLIDATED RAIL CORPORATION / RPS INC
SB1800373 / CONSTRUCTION
PER WORK PLAN, ENVIRONMENTAL INVESTIGATION, DATED JUNE 25, 2018 (SEE ATTACHED), THE WORK INVOLVES DRILLING 10 SOIL BORINGS USING A GEOPROBE RIG FOR THE PURPOSE OF COLLECTING SOIL SAMPLES FOR THE ENVIRONMENTAL SUBSURFACE EXPLORATION. BORING DEPTHS RANGE FROM 20 TO 50 FT. BORINGS WILL BE PROPERLY BACKFILLED AFTER COMPLETION.
1200 NEW JERSEY AVE SE 1ST FL 20590   
07/06/18 
JBG/FEDERAL CENTER LLC / DAVID T. MORALES
P1807299 / SUPPLEMENTAL
1299 NEW JERSEY AVE SE   
07/12/18 
UNITED STATES OF AMERICA / GARRETT MILLS
TN1800142 / CONSTRUCTION
Event: Play Ball Park DC Location: The Yards, Parcel A (Corner of First Street and M Street); Play Ball Park is a Fan event sponsor zone that features BaseBall clinics, Sponsor Areas, Food and Beverage, and Entertainment.
   
06/29/18 
UNITED STATES OF AMERICA / SHANNON BURKE
SB1800332 / CONSTRUCTION
Site is being investigated before construction in accordance with Consent Order between GSA and EPA. Temporary soil borings will be installed for soil and groundwater sampling.
71 POTOMAC AVE SE   
06/27/18 
FORIDA ROCK PROPERTIES INC / BARR CONCRETE
TC1800036 / CONSTRUCTION
towercrane for jobsite use
   
07/02/18 
FORIDA ROCK PROPERTIES INC / DANIEL P. THOMPSON
P1807202 / SUPPLEMENTAL
79 POTOMAC AVE SE   
07/13/18 
RIVERFRONT HOLDINGS I LLC / CARLOS H. LOPEZ
P1807478 / SUPPLEMENTAL
221 TINGEY ST SE   
06/27/18 
GONE YARD HOTEL OWNER, LLC / STEPHEN J. EXELBERT
P1807049 / SUPPLEMENTAL
(1) Gas generator (1) Gas Meter (1) Eye washer (12) Backwater Valve
227 TINGEY ST SE   
07/09/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
AH1801111 / CONSTRUCTION
Afterhours Permit to allow for work under Permit B1801871 (Yards Parcel L2) to occur from 5am to 7am on July 12 through July 17. ANC approval provided.
   
07/12/18 
UNITED STATES OF AMERICA / DFM DEVELOPMENT SERVICES, LLC
B1806775 / CONSTRUCTION
Parcel L1 - Revision to Permit FD1700126 to incorporate changes requested and approved by DC Water.
355 WATER ST SE   
07/12/18 
UNITED STATES OF AMERICA / null
E1808509 / 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  
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Project Directory
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225 Virginia/200 I ('12)
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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)
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400 M ('07)
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