Since January, 2003
            
 Sliding from Before to After

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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1031 5TH ST SE   
09/30/20 
CLARICE GEE / null
P2009304 / SUPPLEMENTAL
100 M ST SE   
09/25/20 
LHREV WASHINGTON M STREET LLC / THUY LE; NA
B2010745 / CONSTRUCTION
Suite 950 - Interior alteration. Work is to include minor change in MEP and Fire. No Structure.
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09/18/20 
BROOKFIELD PROPERTIES / TIM GOOD
AH2001915 / CONSTRUCTION
After hours to conduct work on 1275 New Jersey Ave SE on the upcoming holiday, Columbus Indigenous Peoples' Day, Monday, October 12th, 2020. Operations would include above grade concrete and mechanical, electrical and plumbing rough-in and exterior facade (Masonry, Glass & Glazing) activities with access limited to N Street. This permit would not include extended work hours beyond the normal 7am...
125 O ST SE   
09/23/20 
DISTRICT OF COLUMBIA / CHRISTOPHER J QUINN-BEAN; NA
B1903205 / CONSTRUCTION
Reinstate heating and ventilation systems at DC Water's O Street Pumping Station. Replace five fans and associated louvers, ducts, accessories and controls. Install louvers in existing openings. Infill floor plates with concrete. Replace lighting in the Stormwater Wet Well. Relocate selected controls for the odor control system. 125 O Street SE
   
10/02/20 
DISTRICT OF COLUMBIA / null
M2100033 / SUPPLEMENTAL
79 POTOMAC AVE SE APT 945   
09/18/20 
null / NA NA NA
EHOP20918703 / HOME OCCUPATION
227 TINGEY ST SE   
09/30/20 
FC 227, LLC / BRIAN QUINN
B2011139 / CONSTRUCTION
Conversion of apartment unit to model unit.
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