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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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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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900 B/O POTOMAC AVE SE   THEFT F/AUTO
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500 B/O L ST SE   THEFT F/AUTO
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UNIT B/O K ST SE   THEFT F/AUTO
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500 B/O L ST SE   THEFT
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UNIT B/O I ST SE   BURGLARY
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300 B/O WATER ST SE   THEFT
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50 B/O M ST SE   THEFT
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1277 1ST ST SE   
08/11/15 
BALLPARK RESIDENTIAL LLC / RICHARD V CAREY
P1508164 / SUPPLEMENTAL
   
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BALLPARK RESIDENTIAL LLC BALLPARK RESIDENTIAL LLC / CLINT HOLMES; BALLPARK RESIDE BALLPARK RESIDENTIAL LLC; MITCH PERMUY
E20139177 / SUPPLEMENTAL
1000 5TH ST SE   
08/18/15 
UNITED STATES OF AMERICA / JOSEPH M MAGNOLIA
P1508371 / SUPPLEMENTAL
1150 5TH ST SE   
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PEPCO PEPCO
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INSTALLATION OF CABLE AND METERS
1220 12TH ST SE   
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WASHINGTON GAS LIGHT CO / JOHN GIUSEPPE-RAMCO
B1509350 / CONSTRUCTION
RENOVATIONS TO EXISTING 3RD FLOOR OFFICE SPACE EXELIS AS SHOWN ON THE ATTACHED MECH. PLUMB. ELECT. FIRE PROTECTION DEMOLITION AND ARCH. DWGS. INTERIOR WORK ONLY. NO CHANGE IN US. NO STRUCT. WORK.
909 HALF ST SE   
08/13/15 
BAKER DC LLC / CHRISTINE LONG
AH1500677 / CONSTRUCTION
AN AFTER HOURS PERMIT IS RESPECTFULLY REQUESTED FROM 11:00PM FRIDAY THRU 11:00PM SATURDAY
   
08/18/15 
BAKER DC
AH1500686 / CONSTRUCTION
AN AFTER HOURS PERMIT IS RESPECTFULLY REQUESTED FROM 12:01AM WEDNESDAY THRU 11:59PM THURSDAY. 1-49 BLOCK OF K ST SE
   
08/21/15 
BAKER DC / CHRISTINE LONG
AH1500695 / CONSTRUCTION
AN AFTER HOURS PERMIT IS FROM 12:01AM THRU 11:59PM FROM 08 / 25 / 2015 TO 08 / 29 / 2015
1015 HALF ST SE   
08/13/15 
HALF ST SE LLC / GREGORY E LIGON
E1508399 / SUPPLEMENTAL
   
08/17/15 
HALF ST SE LLC / ANTHONY G SAMBURG
E1508502 / SUPPLEMENTAL
   
08/20/15 
WSP PARSONS BRINCKERHOFF / STEVE AUD; WSP PARSONS BRINCKERHOFF; STEVE AUD
E95740122 / SUPPLEMENTAL
1220 HALF ST SE   
08/12/15 
BUFFALO WILD WINGS / NICOLE WHITE; BUFFALO WILD WINGS; GREG CONCANNON
AR49901357 / SUPPLEMENTAL
   
08/13/15 
BUFFALO WILD WINGS / BELA X-PEDITERS PLUS INC.
AH1500681 / CONSTRUCTION
WORK AFTER HOURS 7PM-7AM. 8 / 13 / 2015 TO 9 / 13 / 2015
601 L ST SE   
08/17/15 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / KRISSY GER LISA LJ PERMIT
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REVISION TO B1101058 MINOR GRADING REVISION
   
08/20/15 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / MARK A DORSEY
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TYPE OF ELEVATOR ONE (1) HYDRO / STEEL / CENTRALLY / PASSENGER TO PROVIDE ACCESS BETWEEN G AND G2 FLOORS AS PER PLANS.
   
08/20/15 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / MARK A DORSEY
EN1502945 / SHOP DRAWING
TYPE OF ELEVATOR: TWO (2) TRACTION / STEEL / CENTRALLY / PASSENGER (5TH FLOOR).
   
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DISTRICT OF COLUMBIA HOUSING AUTHORITY / MARK A DORSEY
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DISTRICT OF COLUMBIA HOUSING AUTHORITY / MARK A DORSEY
EN1502971 / SHOP DRAWING
TYPE OF ELEVATOR ONE (1) TRACTION / STEEL / CENTRALLY / PASSENGER (6TH FLOOR).
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COLUMBIA PROPERTY TRUST / KRISTINA DELGADO
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PARTIAL 4TH FLOOR RENOVATIONS INCLUDING MECHANICAL PLUMBING ELECTRICAL AS WELL AS FURNITURE INSTALLATION.
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08/19/15 
SOUTHEAST REALTY LLC / ELEANOR FARID; SOUTHEAST REALTY LLC; RODNEY CANNON
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50 M ST SE   
08/11/15 
MILLER?LONG
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TOWER CRANE FOR JOB SITE USE
   
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MILLER?LONG MILLER?LONG
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KCG 50 M LLC / JOSEPH E RICHARDS
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KCG 50 M LLC / DANIEL R. RUDE
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55 M ST SE   
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DOUG OLSON / DOUG OLSON; NONE
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NEW SIGNS INSTALLATION AS PER PLANS
1500 M ST SE   
08/21/15 
WASHINGTON YACHT CLUB / ZACHARY ZILL
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SOIL BORING FOR COMPENSATION GROUTING ALONG THE ALIGNMENT OF DC WATER'S CLEAN RIVERS DIV H - ANACOSTIA RIVER TUNNEL. FORTEEN BORINGS TO MAX DEPTH OF 70 FEET BGS 2 INCH DIAMETER GROUT TUBES INSIDE 5.5 INCH DIA CASINGS. DUPLEX ROTARY DRILLING METHOD. REF. PERMIT SB1400400.
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CHRISTOPHER CONDON
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