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?