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A press release sent out on Tuesday is trumpeting the sales of two of the buildings in the "Capitol Yards" lineup, 909 New Jersey and the Axiom at 100 I Street, the completion of a pending deal that I first wrote about in January. However, back then, residents in Axiom's sibling, the Jefferson at 70 I, were also notified that their building was under contract, but that deal apparently didn't complete with the other two. The 448-unit Jefferson was the priciest of the three offers, at about $165 million, compared to about $94 million for the 245-unit Axiom and $95 million for the 237-unit 909.
Did the Jefferson's residents go out back with metal detectors and find the $165 million needed to purchase the property themselves? Or are there a few more i's to dot and t's to cross to finish the deal? Or is something else afoot?
In the 100 I and 909 New Jersey sales, the buyers are "institutional investors advised by J.P. Morgan Asset Management."
The three buildings were completed by JPI back in 2008 and 2009, but the recession hit the company hard and eventually two of its executives boltered to partner 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.
UPDATE: I'm hearing chatter that residents of 70 I did form a tenant association to attempt to buy the building themselves, which then adds some additional time to the deal to allow the residents to find financing to match the initial offer. Anyone from the building want to chime in?
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Alan says: (5/2/12 11:41 AM)
A tenant association was formed at 70 I St with the help/prodding/urging of a law firm (Venable, I believe) and there were near-weekly meetings urging residents to join the association and then...nothing. There was a notice posted about electing officers but that meeting was held at the law firm and it's been silence ever since.

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1000 B/O L ST SE   THEFT FROM AUTO
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 08/04/20
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1300 4TH ST SE 1001   
07/22/20 
LA FAMOSA / null
E2009613 / SUPPLEMENTAL
1300 4TH ST SE 130   
07/24/20 
TOM AN / KIMOY LALLEMENT
A2005055 / CONSTRUCTION
New sail shade awning at exterior private space of La Famosa restaurant (Permit #TL2000028)
900 5TH ST SE   
07/13/20 
null
B1906215-EXT-1 / CONSTRUCTION
1ST EXTENSION TO B1906215, EXTENSIOIN WILL EXPIRE ON 03 / 01 / 2020. ORIGINAL SCOPE: Reconstruction of 4-story residential building, the Arthur Capper Senior Center, damaged by fire.
1150 5TH ST SE   
07/16/20 
DISTRICT OF COLUMBIA / null
P2007453 / SUPPLEMENTAL
   
07/22/20 
DISTRICT OF COLUMBIA / null
E2009571 / SUPPLEMENTAL
10 I ST SE   
07/27/20 
CAPITOL HILL RACQUET CLUB / ANDREW ARNOLD; NA
SB2000413 / CONSTRUCTION
We propose drilling two (2), six-inch diameter geotechnical test borings (B-7 and B-8) using the hollow stem auger method to evaluate the subsurface conditions. The proposed test boring depths will be 85 feet below the existing ground surface. If a confining unit is encountered, outer casing will be installed which will extend 10 feet into the top of the confining unit or to the top of bedrock. Up...
423 L ST SE   
07/24/20 
JOHN P LANG / MARGO RICKS
SOL2001665 / CONSTRUCTION
To install 4.56 kW size of solar panels with a system height of 1.1 feet on roof of building.
250 M ST SE   
07/21/20 
SQUARE 769 LLC / null
E2009527 / SUPPLEMENTAL
300 M ST SE   
07/27/20 
FEDERAL CENTER LP / null
E2009758 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
07/23/20 
GREYSTAR GP LLC / null
M2003144 / SUPPLEMENTAL
1105 NEW JERSEY AVE SE   
07/23/20 
GALLERY CAPITAL RIVERFRONT PROPERTY LLC / null
E2009620 / SUPPLEMENTAL
1200 NEW JERSEY AVE SE 20590   
07/14/20 
JBG/FEDERAL CENTER LLC / SAM HOLLEN
B2006851 / CONSTRUCTION
INTERIOR RENOVATION TO 1ST FLOOR OFFICE SPACE. PARTITIONS, FURNITURE, MECHANICAL, ELECTRICAL AND LIFE SAFETY. NO PLUMBING. NO STRUCTURAL. 1700 SQUARE FEET. GSA / DOT
1275 NEW JERSEY AVE SE   
07/13/20 
FC 1275 NJ, LLC / PARKER HARRELL
SB2000382 / CONSTRUCTION
We are abandoning 14 gravel packed dewatering wells and one piezometer. All pumps and associated hardware will be removed from the wells. Each well casing will then be removed of perforated. We will then tremie each borehole using a bentonite slurry (two pounds bentonite powder to one gallon water).
1033 O ST SE 20374   
07/13/20 
UNITED STATES OF AMERICA / STANELY CARPENTER; JILL S CUTLER
BCIV2000111 / CONSTRUCTION
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79 POTOMAC AVE SE 505   
07/15/20 
null / NA NA NA
EHOP20993669 / HOME OCCUPATION
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;

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