Since January, 2003
            
 (a random before-and-after moment)
January 16, 2006
February 26, 2017
South Capitol at K, 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)
   
 
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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  
900 B/O 5TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/15/17
1200 B/O 4TH ST SE   THEFT
Theft 2nd Degree (theft From Building)
 12/12/17
1200 B/O 4TH ST SE   THEFT
Theft 2nd Degree (theft From Building)
 12/11/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/11/17
1100 B/O 1ST ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/08/17
900 B/O NEW JERSEY AVE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/08/17
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
 12/03/17
300 B/O M ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/02/17
500 B/O L ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 12/02/17
1100 5TH ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/01/17
400 B/O M ST SE   THEFT
Shoplifting
 11/29/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/28/17
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/27/17
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/26/17
1000 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/26/17
1000 B/O 8TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 11/24/17
1200 B/O NEW JERSEY AVE SE   THEFT
Theft First Degree (all Other Larceny)
 11/24/17
400 B/O M ST SE   THEFT
Shoplifting
 11/22/17
100 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 11/19/17
70 B/O I ST SE   BURGLARY
Burglary Two
 11/16/17

Recent Issued Building Permits Archive  
1100 2ND PL SE   
12/13/17 
BAKER DC / CHRISTINE LONG
AH1800290 / CONSTRUCTION
An after hours permit is respectfully requested from 5am thru 9pm daily
1331 2ND ST SE   
11/29/17 
DC WATER / DAVE LEVINE
AH1800282 / CONSTRUCTION
After Hours work for structure excavation and support for B1311474 DC Water. Corman Construction 301-343-5417
2 I ST SE   
11/29/17 
MCDONALDS CORPORATION / MICHAEL ERIC CAMPBELL
M1800603 / SUPPLEMENTAL
   
11/29/17 
MCDONALDS CORPORATION / DANIEL P. THOMPSON
P1801598 / SUPPLEMENTAL
   
12/01/17 
CRESCENT CAPITAL VIEW, LLC N/A / ERICKA CLARK
AH1800280 / CONSTRUCTION
Place and finish concrete. Minimal noise impact, and required for reduction on impact to traffic.
   
12/14/17 
CRESCENT CAPITAL VIEW, LLC N/A / ERICKA CLARK
AH1800324 / CONSTRUCTION
Place and finish concrete. Minimal noise impact, and required for reduction on impact to traffic.
70 I ST SE   
11/28/17 
DISTRICT OF COLUMBIA / OTIS ELEVATOR COMPANY; OTIS ELEVATOR COMPANY
ER1800447 / SHOP DRAWING
BODY OF WORK: Replace machine and recable elevator # 1.
337 L ST SE   
12/06/17 
JENNIFER LANCASTER / null
E1802092 / SUPPLEMENTAL
347 L ST SE   
12/07/17 
THOMAS PAQUIN / null
E1802129 / SUPPLEMENTAL
   
12/14/17 
THOMAS PAQUIN / BJORN FALK
SOL1800006 / CONSTRUCTION
Installation of a 5.4kW solar PV system. Parapet mounted, 15 panels
555 L ST SE   
11/27/17 
UNITED STATES OF AMERICA / CLIFFORD DIXON
B1714199 / CONSTRUCTION
DGS PROJECT This permit is for interior work only.SWING SPACE FOR WARD 6 CLINIC TO EXISTING VACANT JOY EVANS RECREATION CENTER TEMPORARILY FOR 12 TO 18 MONTHS
515 M ST SE   
12/11/17 
null / BLUE STAR DESIGN BUILD
BP1801085 / POST CARD
300 M ST SE STE# 402 20024   
12/13/17 
FEDERAL CENTER LP / null
P1802065 / SUPPLEMENTAL
100 M ST SE   
12/05/17 
CRANE SERVICE CO / CHRISTINE LONG
AH1800304 / CONSTRUCTION
An after hours permit is respectfully requested from 7AM Saturday thru 7PM Sunday
110 M ST SE   
12/13/17 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / THUY LE
TL1700234 / CONSTRUCTION
Interior alteration for new tenant, restaurant with 37 seats, 49 in occupancy load.
410 M ST SE   
11/20/17 
DC HOUSING / COLLINS ELEVATOR SERVICES INC.; COLLINS ELEVATOR SERVICES INC.
ER1800511 / SHOP DRAWING
BODY OF WORK: 1. Remove old piston. Replace & install jack on car # 1.
861 NEW JERSEY AVE SE   
12/14/17 
CSX TRANSPORTATION INC. / NA CSX TRANSPORTATION, INC.
AH1800330 / CONSTRUCTION
Work in public ROW within the Virginia Avenue Tunnel Reconstruction Project LOD for utility, demolition, and concrete structure construction activities.
1100 NEW JERSEY AVE SE 3RD FL   
11/22/17 
SQUARE 742 LLC / null
P1801490 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
11/20/17 
SQUARE 742 LLC / null
P1801410 / SUPPLEMENTAL
   
12/06/17 
SQUARE 742 LLC / DOMINIC E TOTARO
M1800664 / SUPPLEMENTAL
   
12/08/17 
SQUARE 742 LLC / SAM HOLLEN
B1801219 / CONSTRUCTION
INTERIOR RENOVATION TO 2ND FLOOR OFFICE SPACE. PARTITIONS, FURNITURE, MEP, LIFE SAFETY AND STRUCTURAL HANGING MOVABLE PARTITION. 25,226 SQUARE FEET. ALION SCIENCE AND TECHNOLOGY **LEVEL 2 ALTERATION
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
Completed
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)


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