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)
   
 
 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

 
 Recent Posts

202_cyclist on Friday Tidbits: Should should make a revanchist move to conquer SWTLQTC!
JD on Friday Tidbits: Note that Buzzard Point remains *not* a part of the JDLand coverage area. But no...
202_cyclist on Friday Tidbits: But zero movie theaters. Thank you for the update. If Buzzard Point now counts...
CJBabyDaddy on Hallo, Douglass Bridge: conngs0: Enforcement of double parking? Are you today’s JDLand resident comedi...
conngs0 on Hallo, Douglass Bridge: GaryRKarr, I think there are just several times per day when there are so many c...
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  
400 B/O M ST SE   THEFT
Shoplifting
 01/23/20
1255 1ST ST SE   THEFT
Theft 2nd Degree (theft From Building)
 01/19/20
400 B/O M ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 01/17/20
1200 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 01/14/20
1100 B/O 1ST ST SE   BURGLARY
Burglary One
 01/12/20
100 B/O L ST SE   ROBBERY  01/08/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 01/08/20
1100 B/O 2ND PLACE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/06/20
40 N ST SE   ROBBERY  01/05/20
1100 B/O 9TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/03/20
139 N ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 01/02/20
100 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/02/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/31/19
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/30/19
UNIT B/O M ST SE   BURGLARY
Burglary Two
 12/30/19
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/29/19
UNIT B/O I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/28/19
500 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/28/19
700 B/O I ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 12/28/19
UNIT B/O I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/27/19
300 B/O VIRGINIA AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/27/19
1220 HALF ST SE   BURGLARY
Burglary Two
 12/27/19
300 B/O WATER ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/26/19
900 B/O NEW JERSEY AVE SE   BURGLARY
Burglary Two
 12/25/19

Recent Issued Building Permits Archive  
909 4TH ST SE   
12/30/19 
MEREDITH FASCETT / KYLE YOST
SOL2000550 / CONSTRUCTION
rooftop solar pv system, less than 4' above roof
1300 4TH ST SE 912   
01/07/20 
DEBORAH J ISRAEL / DORIS A MINOR; DORIS A MINOR
B2003615 / CONSTRUCTION
REPLACE KITCHEN CABINETS
900 5TH ST SE   
01/10/20 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / WILLIAM ANDERSON; WILLIAM ANDERSON
P2002846 / SUPPLEMENTAL
   
01/17/20 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / WILLIAM B. CRIST; WILLIAM B. CRIST
E2003759 / SUPPLEMENTAL
82 I ST SE   
01/15/20 
GDVC EYE ST LLC / MARK G. MILLS; MARK G. MILLS
E2003664 / SUPPLEMENTAL
150 I ST SE   
01/16/20 
SQUARE 737 LLC / JASON D DORRIS
AH2000499 / CONSTRUCTION
Construction of a new 13 story apartment building with three below grade parking levels, 1st floor retail and amenity areas; 375 units and 181 parking spaces. To include mechanical, electrical, plumbing, elevators and structural work.
415 I ST SE   
01/10/20 
MEGHAN E RILEY / DAEHO PARK; DAEHO PARK
P2002836 / SUPPLEMENTAL
300 M ST SE   
01/03/20 
FEDERAL CENTER LP / null
E2003217 / SUPPLEMENTAL
111 N ST SE   
01/17/20 
ALAN OWINGS / CRAIG KUBICZ
BCIV1900068 / CONSTRUCTION
The proposed construction on Parcel H consists of a new curb cut off of N Place, a guard house, and resurfacing of the eastern portion of the parking lot. The two existing storm inlets in the parking lot will be removed and replaced by a bioretention facility. DOEE SWMP No. 6343: N Place and First Street SE
861 NEW JERSEY AVE SE   
12/31/19 
CONSOLIDATED RAIL CORPQ / null
E2003162 / SUPPLEMENTAL
   
12/31/19 
DISTRICT OF COLUMBIA / JANE MCCRAY
AH2000399 / CONSTRUCTION
Pepco will be splicing cable at 861 New Jersey Avenue, SE, from 9PM to 7AM, Monday thru Friday.
   
01/03/20 
CSX TRANSPORTATION INC / SUSANA VAZQUEZ; JOHN MORIARTY & ASSOCIATES OF VIRGINIA LLC
TC2000014 / CONSTRUCTION
Tower Crane
1100 NEW JERSEY AVE SE 1ST FL   
01/06/20 
SQUARE 742 LLC / JAMES W. LASHER; JAMES W. LASHER
E2003296 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
12/30/19 
SQUARE 742 LLC / RYAN FITZGERALD; NEXIUS SOLUTIONS, INC.
AN2000023 / CONSTRUCTION
AT&T proposes to replace (3) existing antennas with (3) new antennas and install (3) new antennas.
   
01/02/20 
SQUARE 742 LLC C/O WCSMITH / PATRICIA J STAUB; CDH CONSTRUCTION INC
B2001972 / CONSTRUCTION
Provide Landlord Work (warm white shell) for Tenant buildout of 1827 SF.
   
01/07/20 
SQUARE 742 LLC / ;
P2002715 / SUPPLEMENTAL
   
01/08/20 
SQUARE 742 LLC / null
P2002765 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
01/03/20 
MILLER AND LONG / WILLIAM MOORE; MILLER LONG
TC2000016 / CONSTRUCTION
towercrane for jobsite use 1 / 25 / 2020 to 1 / 25 / 2021
71 POTOMAC AVE SE   
01/15/20 
RIVERFRONT HOLDINGS I, LLC / null
E2003671 / SUPPLEMENTAL
   
01/17/20 
MRP REALTY / JAMES VANEGAS
AH2000410 / CONSTRUCTION
Perform interior and exterior construction activities. New construction 14-story new residential multi-family building. **No loud equipment is to be used until 9am on this day.
79 POTOMAC AVE SE   
01/23/20 
RIVERFRONT HOLDINGS I LLC / ; W&M NA
B2003750 / CONSTRUCTION
320 SQ Ft metal canopy extension to exterior canopy. Existing canopy is standalone structure covering an outdoor bar area.
227 TINGEY ST SE   
01/23/20 
FFC 227 / ANDY MCKELVEY; ANDY MCKELVEY
SP1900050 / CONSTRUCTION
Install in-ground, gunite swimming pool on 11th floor of new construction. Scope includes gunite pool shell, finishes, and closed pool circulation system. All fresh water plumbing, sewer, electrical and mechanical work / connections by others. this permit is for a new commercial swimming pool
355 WATER ST SE   
12/30/19 
UNITED STATES OF AMERICA / KELSI EVANS
TN2000035 / CONSTRUCTION
1 40' x 80 tent
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
Thompson Hotel ('20)
West Half ('19)
Novel South Capitol ('19)
Yards/Guild Apts. ('19)
Capper/The Harlow ('19)
New DC Water HQ ('19)
Yards/Bower Condos ('19)
Virginia Ave. Tunnel ('19)
99 M ('18)
Agora ('18)
1221 Van ('18)
District Winery ('17)
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 2020 JD.