Since January, 2003
            
 (a random before-and-after moment)
May 2003
June 14, 2014
7th at K, Looking West (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

 
 Recent Posts
  

caphillguy on Transportation Study Meeting: Anyone know if they've completely remediated the gasoline fume issue yet?
malatesta on Transportation Study Meeting: In neighborhood tower crane news, it looks like the Novel South Capitol crane is...
Alex B. on Transportation Study Meeting: That rendering of Walters seems a bit misleading, as it would imply a two story ...
caphillguy on Transportation Study Meeting: For everyone's information: the intersection at Virginia Ave and 7th Street was ...
JD on Transportation Study Meeting: Some details on Walters Sports Bar, still planning on coming to the space below ...
202_cyclist on Transportation Study Meeting: Exciting news folks! It looks like there was soil testing today for the former ...
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  
1000 B/O 1ST ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 12/15/18
200 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 12/14/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 12/13/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/13/18
900 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 12/11/18
1100 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (theft From Building)
 12/09/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/09/18
1100 B/O NEW JERSEY AVE SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 12/08/18
900 B/O 1ST ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/06/18
UNIT B/O N ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/05/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 12/01/18
1200 B/O HALF ST SE   ROBBERY  11/30/18
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/28/18
700 B/O L ST SE   THEFT
Shoplifting
 11/26/18
1255 1ST ST SE   ASSAULT WITH A DANGEROUS WEAPON  11/25/18
1200 B/O NEW JERSEY AVE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 11/23/18

Recent Issued Building Permits Archive  
1300 4TH ST SE 1ST FL   
12/12/18 
null / WAYNE DAUGHERTY 7035247911
E1902414 / SUPPLEMENTAL
1300 4TH ST SE   
12/11/18 
PARCEL O 1-LLC / N/A
B1900015 / CONSTRUCTION
Yards Parcel O1 - Revision to Base Building Permit B1609947 to incorporate minor design changes including converting a residential unit to a fitness center. TPR
1300 4TH ST SE B1   
12/12/18 
null / WAYNE DAUGHERTY 7035247911
E1902413 / SUPPLEMENTAL
1331 4TH ST SE CU   
12/10/18 
FC 1331 LLC / null
P1902045 / SUPPLEMENTAL
1300 4TH ST SE PENTHOUSE   
12/12/18 
null / WAYNE DAUGHERTY 7035247911
E1902412 / SUPPLEMENTAL
1300 4TH ST SE   
12/10/18 
PARCEL O-1 LLC / RICHARD V CAREY 301-424-8899
FB1900032 / SUPPLEMENTAL
(2) NEW INSTALL Gross 1,840,000 BTU / HR Natural Gas HW
1346 4TH ST SE   
12/07/18 
FC 1346 LLC / null
FB1900031 / SUPPLEMENTAL
1000 5TH ST SE   
12/11/18 
UNITED STATES OF AMERICA / null
E1902394 / SUPPLEMENTAL
   
12/11/18 
UNITED STATES OF AMERICA / BRANDON WILSON; BRANDON M WILSON
B1902777 / CONSTRUCTION
Kitchen Area: -Interior only Frame about 7lf around one column as per 2 / A030 -Add 260 SQF bulkhead as per 1 / A030 None Load bearing wall on first floor and second floor.. M,E,P, will be provided on another permit. IT Lounge -Add 194 SQF bulkhead as per 3 / A030
2 I ST SE   
12/10/18 
MCDONALDS CORPORATION / KIM MITCHELL
B1814290 / CONSTRUCTION
The submitted drawings are a revision to those approved under building permit #B1703907, and include the incorporation of a new corridor connection at the roof level between phase 1 and phase 2 buildings, and corresponding revisions. Revised Mechanical / Plumbing / Electrical drawings are included to reflect the change of Engineers of Record. Interior Design Drawings are also included. Various...
   
12/14/18 
CRESCENT CAPITAL VIEW, LLC / ERICKA CLARK
AH1900295 / CONSTRUCTION
Dismantle of tower crane. Minimal noise impact and required for reduction on impact to traffic.
250 M ST SE   
11/28/18 
SQUARE 769 LLC. / CONOR LAW
BCIV1800147 / CONSTRUCTION
New construction of erosion and sediment controls, domestic water service, fire service, sanitary sewer service, storm sewer service, curb & gutter, street trees, misc. landscaping, sidewalk, storm water management.
   
12/05/18 
null
E1902214 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE STE# 420   
11/27/18 
SQUARE 742 LLC / JAMES W LASHER
E1901850 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
11/20/18 
SQUARE 742 LLC / null
E1901715 / SUPPLEMENTAL
   
11/26/18 
SQUARE 742 LLC / null
P1901600 / SUPPLEMENTAL
   
11/26/18 
SQUARE 742 LLC / null
M1900652 / SUPPLEMENTAL
   
11/29/18 
SQUARE 742 LLC / JOE SAFFER
P1901753 / SUPPLEMENTAL
   
12/04/18 
SQUARE 742 LLC / PAUL WHITLEY
AN1900004 / CONSTRUCTION
This project consists on installing (9)proposed antennas , RRU's, and hybrid cables on an existing building, and removing (9) existing antennas, RRU's, TMA's, and hybrid cables.
   
12/05/18 
SQUARE 742 LLC / JOHN M. GIUSEPPE
B1900960 / CONSTRUCTION
renovations to 3rd floor office space SUITE 300 NATIONAL ASSOCIATION OF AREA AGENCIES ON AGING as shown on the electronically submitted mech., plumb., elect., fire protection, demolition, and architectural dwgs. Interior work only. No change in use. NO structural work involved. 7000 sf. **LEVEL 2 ALTERATION, DEMOLITION
125 O ST SE 2-6FL   
11/28/18 
DISTRICT OF COLUMBIA / ANDREW KLEIN 2408991526
E1901923 / SUPPLEMENTAL
125 O ST SE   
11/27/18 
DISTRICT OF COLUMBIA / MICHAEL P. LYONS
E1901853 / SUPPLEMENTAL
   
11/27/18 
DISTRICT OF COLUMBIA / WILLIAM H. JONES
E1901854 / SUPPLEMENTAL
   
11/29/18 
DISTRICT OF COLUMBIA / WESLEY R. DAVIS
E1901951 / SUPPLEMENTAL
   
11/29/18 
DISTRICT OF COLUMBIA / null
P1901748 / SUPPLEMENTAL
79 POTOMAC AVE SE   
11/27/18 
RIVERFRONT HOLDINGS LLC / null
AH1900270 / CONSTRUCTION
AFTER HOURS 7PM TO 7AM FINAL CONNECTION OF RELOCATED 8” SANITARY LINE
71 POTOMAC AVE SE   
11/26/18 
RIVERFRONT HOLDINGS I LLC / JUSTIN BELLOW
B1804337 / CONSTRUCTION
New 264-Unit 13-Stories Apartment House
   
12/03/18 
RIVERFRONT PROPERTIES LLC / null
P1901813 / SUPPLEMENTAL
   
12/13/18 
RIVERFRONT HOLDINGS LL, LLC / PARKER HARRELL
SB1900071 / CONSTRUCTION
Abandoning 20 temporary wellpoints and 3 gravel packed wells originally installed for dewatering during construction.
79 POTOMAC AVE SE   
12/13/18 
RIVERFRONT HOLDINGS I LLC / null
E1902479 / SUPPLEMENTAL
227 TINGEY ST SE   
11/30/18 
FOREST CITY WASHINGTON / DFM DEVELOPMENT SERVICES, LLC
AH1900285 / CONSTRUCTION
Yards Parcel L-2. Afterhours permit for the purpose of installing precast concrete façade panels. Work to take place 7PM to 7AM, 12 / 5 / 2018 to 1 / 5 / 2019.
300 TINGEY ST SE   
12/04/18 
FC BOILERMAKER LLC / STEPHEN ADAMS 2403042373
E1902120 / SUPPLEMENTAL
   
12/06/18 
FC BOILERMAKER LLC / GARY BRENT; N/A
SG1900027 / CONSTRUCTION
Install 1 illuminated edge-lit wall logo sign, 1 illuminated halo-lit letter sign, 1 double-sided push thru edge-lit blade sign - LULULEMON
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
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 2018 JD.