Since January, 2003
            
 (a random before-and-after moment)
July 17, 2008
October 22, 2017
4th at River St., Looking North-Northeast (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)
   
 
 More About 70/100 I

JDLand.com Home

Comments

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.

Add a Comment:

Comments are closed for this post.

JDLand Comments RSS Feed


 More News


See All Current News Items | Full Blog Archive

 
 Top News

Westnorth on Willow Opening on: Just look up the "DC for Reasonable Development" guy's blog -- he's go...
JD on Willow Opening on: Oh dear God, people, dial it back....
goldfish on Willow Opening on: CJ -- if you want to start a fight, an ethnic slur is perfect for the job. It on...
202_cyclist on Willow Opening on: Fair enough-- BANANA works. "Build Absolutely Nothing Anywhere Near Anythi...
CJBabyDaddy on Willow Opening on: One should not use ethnic slurs — even rarely. On the other hand, cuss up a blu...
Message Board (beta)

  
Get JDLand Updates In Your Inbox!



City Government Data for Near Southeast Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
70 B/O I ST SE   BURGLARY
Burglary Two
 11/16/17
1200 HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/15/17
1100 B/O 1ST ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 11/14/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/13/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/12/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/09/17
1100 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 11/06/17
1200 SOUTH CAPITOL ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/05/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 11/01/17
100 B/O K ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 10/30/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/29/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/27/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/25/17
100 B/O K ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/21/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 10/19/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 10/19/17

Recent Issued Building Permits Archive  
1100 2ND PL SE   
10/26/17 
null / KENNETH J. LEMERE
E1800879 / SUPPLEMENTAL
   
11/02/17 
BAKER DC / CHRISTINE LONG
AH1800167 / CONSTRUCTION
An after hours permit is respectfully requested from 5AM to 8PM daily
1331 2ND ST SE 20003   
10/30/17 
DC WATER / DAVE LEVINE
AH1800128 / CONSTRUCTION
After Hours work for structure excavation and support for B1311474 DC Water, Corman Construction 301-343-5417.
1331 4TH ST SE CU   
11/02/17 
FC 1331 LLC / null
E1801120 / SUPPLEMENTAL
1023 4TH ST SE   
11/06/17 
MATTHEW E WEINER
BP1800535 / POST CARD
1331 4TH ST SE   
11/14/17 
FC 1331 LLC / PAUL E WARREN
E1801475 / SUPPLEMENTAL
1346 4TH ST SE   
11/07/17 
ALAN OWINGS / ROBERT HENRY
AH1800169 / CONSTRUCTION
After Hours Permit for 11 / 10 / 17 from 7am to 7pm to perform concrete operations.
1015 HALF ST SE 7TH FL   
10/31/17 
HALF STREET SE LLC / null
P1800798 / SUPPLEMENTAL
1015 HALF ST SE   
10/23/17 
HALF STREET SE LLC / null
E1800739 / SUPPLEMENTAL
   
10/23/17 
HALF STREET SE LLC / null
M1800233 / SUPPLEMENTAL
   
10/23/17 
HALF STREET SE LLC / null
P1800599 / SUPPLEMENTAL
303 K ST SE   
10/22/17 
JONATHAN HERSHEY / null
P1800573 / SUPPLEMENTAL
555 L ST SE   
10/31/17 
UNITED STATES OF AMERICA / EDUARDO L. LOPEZ
E1801004 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
P1801050 / SUPPLEMENTAL
   
11/08/17 
UNITED STATES OF AMERICA / null
M1800409 / SUPPLEMENTAL
80 M ST SE #110 20003   
11/03/17 
WELLS REIT II 80 M STREET LLC / null
P1800898 / SUPPLEMENTAL
300 M ST SE 402   
10/30/17 
FEDERAL CENTER LP / null
E1800973 / SUPPLEMENTAL
300 M ST SE STE# 402   
11/01/17 
FEDERAL CENTER LP / BERNARD CHAPPELL
E1801037 / SUPPLEMENTAL
110 M ST SE   
11/10/17 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / JIM RILEY
BP1800623 / POST CARD
922 M ST SE   
10/27/17 
MAIFEDI EQUITY LLC / FRED LATIMORE
E1800926 / SUPPLEMENTAL
1333 M ST SE   
11/03/17 
1333 M STREET SE LLC / JUSTIN BELLOW
B1801393 / CONSTRUCTION
Installation of duct bank and light pole on private property
800 NEW JERSEY AVE SE   
11/13/17 
SQUARE 737 LLC / N/A; BOB BIROONAK
SG1800066 / CONSTRUCTION
one apartment id sign illuminated
861 NEW JERSEY AVE SE   
10/30/17 
CSX TRANSPORTATION, INC. / NA CSX TRANSPORTATION, INC.
AH1800132 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
1000 NEW JERSEY AVE SE   
10/26/17 
null / NA NA NA
EHOP17919268 / HOME OCCUPATION
1100 NEW JERSEY AVE SE   
11/03/17 
SQUARE 742 LLC / null
E1801147 / SUPPLEMENTAL
   
11/08/17 
SQUARE 742 LLC / null
E1801323 / SUPPLEMENTAL
1244 SOUTH CAPITOL ST SE 20003   
11/02/17 
THE JBG COMPANIES / CODY LANG
AH1800140 / CONSTRUCTION
The location for the project is at the corner of South Capitol Street, SE and N Street, SE, to the North of Parking Lot B for the Washington Nationals Stadium. The permit numbers to reference are B1600228, PA10464330, PA115172-R2, and PA202883. These permits are attached for reference. In order to maintain our contractual requirements and progress with critical path interior finishes, rooftop bu...
1244 SOUTH CAPITOL ST SE   
10/31/17 
THE JBG COMPANIES / GLENNWOOD ROGERS
FB1800009 / 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  
No commercial transaction records added or modified in the past two weeks.


Project Directory
Completed
Insignia on M ('17)
F1rst/Residence Inn ('17)
One Hill South ('17)
Homewood Suites ('16)
ORE 82 ('16)
The Bixby ('16)
Dock 79 ('16)
Community Center ('16)
The Brig ('16)
Park Chelsea ('16)
Yards/Arris ('16)
Hampton Inn ('15)
Southeast Blvd. ('15)
11th St. Bridges ('15)
Parc Riverside ('14)
Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Cap. ('13)
Canal Park ('12)
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)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)


Overviews
Capper/Carrollsburg
Anacostia Riverwalk
New Jersey Avenue
M Street
South Capitol Street
The Yards
Lower 8th Street
East M Street
Boathouse Row





                  © Copyright 2017 JD.