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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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
Theft 2nd Degree (theft From Building)
 02/22/18
400 B/O M ST SE   THEFT
Shoplifting
 02/21/18
UNIT B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 02/19/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 02/15/18
1000 B/O 3RD ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 02/07/18

Recent Issued Building Permits Archive  
1100 2ND PL SE   
02/21/18 
BAKER DC / CHRISTINE LONG
AH1800618 / CONSTRUCTION
An after hours permit is respectfully requested from 5AM to 9PM daily
1331 2ND ST SE 20003   
01/29/18 
DC WATER / DAVE LEVINE
AH1800505 / CONSTRUCTION
After hours work for structure exaction and support for B1311474 DC Water. Corman Construction 202-863-0052.
1016 3RD ST SE   
02/01/18 
ANAMARIA R MOTTOLA / DAVID L. HAHN
P1803348 / SUPPLEMENTAL
1346 4TH ST SE   
02/06/18 
ALAN OWINGS / ROBERT SEV HENRY
AH1800541 / CONSTRUCTION
After Hours Permit for 2 / 19 / 18 from 7AM to 7PM to perform concrete, framing, and utility operations.
   
02/06/18 
FC 1346 LLC / RICHARD V CAREY
P1803428 / SUPPLEMENTAL
150 I ST SE   
02/05/18 
WC SMITH / null
P1803402 / SUPPLEMENTAL
140 M ST SE   
02/07/18 
SPAULDING & SLYE/STE100 / null
E1803798 / SUPPLEMENTAL
110 M ST SE   
01/29/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / JAMES WEAVER
E1803534 / SUPPLEMENTAL
   
02/02/18 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
P1803361 / SUPPLEMENTAL
140 M ST SE 20032   
02/14/18 
SYLVIA LINDSEY / null
P1803641 / SUPPLEMENTAL
202 M ST SE   
01/29/18 
UNITED STATES OF AMERICA / NURI EROL
D1800281 / CONSTRUCTION
Remove Existing flooring. Remove some of the furnitures, equipment.
300 M ST SE 53533   
02/08/18 
FEDERAL CENTER LP / SPENCER TEEL
BP1801893 / POST CARD
300 M ST SE   
02/16/18 
FEDERAL CENTER LP / STEVEN MERCHANT
B1803279 / CONSTRUCTION
New Sprint store sustainable design tenant build-out in an existing building, partical first floor. Work will consist of building a new sales floor and back of the house. New work sill consist of display fixtures, ceiling, plumbing fixtures, mechanical ductwork to diffusers, interior partitions, floor finishes, outlets and new locations of electrical panels. **CHANGE IN USE, LEVEL 2 ALTERATION
401 M ST SE   
01/30/18 
DOEE C/O DEV MURALI / JESSICA REICHARD
AH1800507 / CONSTRUCTION
After hours permit to preform manhole inspections during off peak hours 7pm - 7am for all Manhole Locations covered under permit # PA10374319-R1 for DOEE Anacostia river sediment project.
861 NEW JERSEY AVE SE   
01/31/18 
CONSOLIDATED RAIL CORPORATION / NA CSX TRANSPORTATION, INC.
AH1800467 / 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**
1100 NEW JERSEY AVE SE 2ND FL   
02/09/18 
SQUARE 742 LLC / null
P1803534 / SUPPLEMENTAL
   
02/14/18 
SQUARE 742 LLC / null
P1803681 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
02/15/18 
SQUARE 742 LLC / null
E1804057 / SUPPLEMENTAL
79 POTOMAC AVE SE   
02/21/18 
RIVERFRONT HOLDINGS I LLC / JUSTIN BELLOW
B1805358 / CONSTRUCTION
Address revision only for B1702971 from 25 Potomac Ave SE to 79 Potomac Ave SE.
640 SOUTH CAPITOL ST SE   
02/05/18 
JIM LATISIS ZAYO GROUP
B1707197 / CONSTRUCTION
Addition to existing concrete telecom building.
401 TINGEY ST SE   
01/30/18 
PEPCO / BARBARA ANN STEDMAN
AH1800520 / CONSTRUCTION
UG TRANSFORMER WORK TO BE PERFORMED ON THE 400 BLK OF TINGEY ST SE. MANHOLE ACCESS. WORK TO BE PERFORMED BETWEEN THE HOURS OF 7:30AM AND MIGHTNIGHT ON 1 / 30 / 18 AND 1 / 31 / 18.
227 TINGEY ST SE   
01/29/18 
UNITED STATES OF AMERICA / ERICKA CLARK
TC1800021 / CONSTRUCTION
2 tower cranes
   
01/30/18 
FOREST CITY WASHINGTON / MELISSA DIAZ
B1802750 / CONSTRUCTION
Revision to Permit SH1700028. Sheeting and shoring for Yards Parcel L-2 project. Revision includes 10-foot precut excavation and layback on Water Street, 3rd Street and northern L-1 elevations, and removal of upper tier of rakers at L-1 elevation and upper tier of tiebacks at the Water Street and 3rd Street elevations.
   
02/20/18 
FOREST CITY WASHINGTON / FOREST CITY WASHINGTON; DFM DEVELOPMENT SERVICES
FD1700057 / CONSTRUCTION
Yards parcel L-2. Construction of foundation and underground parking garage for new 11 story multi-family mixed used residential building at 227 Tingey Street SE as part of development of Parcel L at the Yards
325 VIRGINIA AVE SE 20003   
02/14/18 
JASON W GOLDSMITH / null
E1804039 / SUPPLEMENTAL
325 VIRGINIA AVE SE   
02/06/18 
JASON W GOLDSMITH / CRAIG HARTSOCK
B1804721 / CONSTRUCTION
Remove two non-structural walls on ground level of townhouse and re-frame in new configuration to create a full bathroom on ground floor.
   
02/07/18 
JASON W GOLDSMITH / MORIS O. OCHOA PINEDA
P1803462 / 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  
1001 NEW JERSEY AV SE   12/28/17
$ 687,365
WHATS ON SECOND PROPERTIES LLC
 


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