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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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Recent Crime Incidents Archive  
1200 B/O NEW JERSEY AVE SE   THEFT
Theft Ii
 11/20/14
900 B/O NEW JERSEY AVE SE   THEFT F/AUTO
 11/17/14
700 B/O L ST SE   THEFT
2nd Degree - Convenience Store
 11/16/14
100 B/O H ST SE   ROBBERY
Force & Violence
 11/09/14
900 B/O M ST SE   THEFT F/AUTO
 11/09/14
1100 B/O 9TH ST SE   THEFT F/AUTO
 11/07/14
1000 B/O M ST SE   THEFT F/AUTO
Motor Vehicle Parts & Accessories - Highway/ Road/ Alley/ Street
 11/07/14
100 B/O K ST SE   THEFT F/AUTO
 11/07/14
1000 B/O 4TH ST SE   THEFT F/AUTO
 11/07/14
50 B/O M ST SE   THEFT
2nd Degree - DC Government Building
 11/05/14
400 B/O K ST SE   THEFT F/AUTO
 11/03/14
1100 B/O NEW JERSEY AVE SE   THEFT F/AUTO
 10/29/14
L & 3RD ST SE   THEFT F/AUTO
 10/28/14
900 B/O M ST SE   THEFT F/AUTO
 10/25/14
700 B/O M ST SE   THEFT
2nd Degree - Classroom
 10/24/14
900 B/O 1ST ST SE   THEFT F/AUTO
 10/22/14
1100 B/O 10TH ST SE   THEFT F/AUTO
 10/22/14

Active Public Space Permits Archive  
1331 2ND ST SE    Carlton Ray 
Assigned
paving; streetfixture; excavation  
 02/10/14
to
02/09/15
1331 4TH ST SE    Forest City Forest City 
Issued
excavation; new  
 01/10/14
to
02/10/15
301 TINGEY ST SE    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14

Recent Issued Building Permits Archive  
1331 2ND ST SE   
11/13/14 
DC WATER
SB1400419 / CONSTRUCTION
TYPE OF WELL(S):OBSERVATION WELLS INCLINOMETERS VW PIEZOMETERS AND EXTENSOMETERS FOR UPGRADE OF DC WATER CLEAN RIVERS PROJECT DIVISION I. NUMBER OF WELL(S):112. DEPTH OF WELL(S):UP TO 60 FT. DIAMETER OF WELL(S): 6". DRILLING METHOD: CASED AND HSA. PLEASE SEE THE ATTACHED WORKPLAN.
1331 4TH ST SE   
11/04/14 
CLARK CONCRETE CONSTRUCTION
AH1500069 / CONSTRUCTION
AFTERHOURS TO POUR CONCRETE FROM SUNDAY TO SATURDAY FROM 11 / 1 / 2014 TO 1 / 31 / 2015FROM 7PM TO 7AM
1015 HALF ST SE   
11/03/14 
HALF ST SE LLC / JOHN GIUSEPPE-RAMCO
B1501165 / CONSTRUCTION
LANDLORD UPGRADE TO 1ST FLOOR VACANT TENANT SPACE INSTALL NEW DEMISING WALL AS SHOWN ON THE ATTACHED ARCH. AND ELECTRICAL DWGS. NO MECH. PLUMB. STRUCTURAL WORK INVOLVED. INTERIOR WORK ONLY. NO CHANGE IN USE.
332 K ST SE   
11/04/14 
KRISTIN L HENRIKSON / ASTRUM SOLAR
B1412602 / CONSTRUCTION
INSTALL SOLAR PANELS ON ROOF 3.25 KW SYSTEM 13 PANELS
   
11/10/14 
KRISTIN L HENRIKSON / JOHN A. TETI
E1501053 / SUPPLEMENTAL
80 M ST SE   
11/12/14 
WELLS REIT II 80 M STREET LLC / RONNIE E WRIGHT
E1501089 / SUPPLEMENTAL
901 M ST SE   
11/13/14 
CARLTON RAY
AH1500084 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
1201 M ST SE   
11/13/14 
CARLTON RAY
AH1500085 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
801 NEW JERSEY AVE SE   
11/12/14 
GREYSTAR / JOHN MORIARTY AND ASSOC.
F1500068 / CONSTRUCTION
INSTALL A TEMPORARY CONSTRUCTION SITE FENCE ON PRIVATE PROPERTY. FENCE TO BE 6' HIGH ON BLOCK SUPPORTS.
880 NEW JERSEY AVE SE   
11/19/14 
880 NEW JERSEY AVENUE LLC / OTIS ELEVATOR COMPANY
EN1500172 / SHOP DRAWING
TYPE OF ELEVATOR : ONE (1) TRACTION / CENTRAL / VERTICAL TRANSPOTATION
   
11/20/14 
BAKER DC / CHRISTINE LONG
AH1500122 / CONSTRUCTION
AN AFTER HOURS PERMIT IS RESPECTFULLY REQUESTED FROM 12:01 AM THRU11:59 PM
1100 NEW JERSEY AVE SE   
11/10/14 
SQUARE 742 LLC / ELMUBARK E. ELNAHAS
E1501060 / SUPPLEMENTAL
125 O ST SE   
11/14/14 
DISTRICT OF COLUMBIA FOREST CITY WASHINGTON / JOPATRIC AMERICODE
SB1400418 / CONSTRUCTION
EIGHT SOIL BORINGS ON PRIVATE PROPERTY. FOREST CITY F1 BLOCK CINEMA BORINGS SHALL BE 10 INCH DIAMETER MUD ROTARY METHOD; 2 SHALL BE DRILLED TO A DEPTH OF 100 FEET AND 6 TO A DEPTH OF 60 FEET; IF THE CONFINING UNIT IS ENCOUNTERED DURING DRILLING THEN ADVANCEMENT OF THE AUGERS SHOULD BE HALTED AND THE PERMANENT OUTER CASING SHOULD BE SET INTO 10 FEET (IF THE CONFINING UNIT IS THINNER THAN 10FT OUTER...
25 POTOMAC AVE SE   
11/10/14 
BARR CONCRETE
TC1500004 / CONSTRUCTION
TOWERCRANE FOR JOBSITE USE
921 POTOMAC AVE SE   
11/20/14 
PAUL A GHIOTTO / MURRAY LYONS
P1501384 / SUPPLEMENTAL
300 TINGEY ST SE   
11/04/14 
FC BOILERMAKER LIC FC BOILERMAKER LIC / DENNIS STUBBS; FC BOILERMAKER FC BOILERMAKER LIC; DENNIS STUBBS
P24303627 / SUPPLEMENTAL
   
11/04/14 
CHRIS WING / SHANDI COBB; CHRIS WING; CHARLES CLYNES
AR65033933 / SUPPLEMENTAL
   
11/05/14 
FC BOILERMAKER LLC / DIXON
B1501249 / CONSTRUCTION
PLACE A REMOVABLE WOOD BURNING GRILL ON THE PATIO OF A SUMMER GARDEN
   
11/12/14 
FC BOILERMAKER LLC / FRED LATIMORE
E1501087 / SUPPLEMENTAL
401 TINGEY ST SE   
11/20/14 
FOREST CITY / FVI 2020
SB1500055 / CONSTRUCTION
EXTENSION TO WORK IN REFERENCE WITH PERMIT SB1200282. SECOND EXTENSION FROM 10.25.14 TO 4.25.15
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  
CUSHING PL   09/11/14
$ 9,000,000
HALF STREET RESIDENTIAL PJV LLC
 
HALF ST   09/11/14
$ 12,500,000
HALF STREET RESIDENTIAL PJV LLC
 
N ST   09/11/14
$ 12,500,000
HALF STREET RESIDENTIAL PJV LLC
 
CUSHING PL   09/11/14
$ 9,000,000
HALF STREET RESIDENTIAL PJV LLC
 
N ST   09/11/14
$ 12,500,000
HALF STREET RESIDENTIAL PJV LLC
 
N ST   09/11/14
$ 12,500,000
HALF STREET RESIDENTIAL PJV LLC
 
HALF ST   09/11/14
$ 12,500,000
MR BP RESIDENTIAL #1A LLC
 
N ST   09/11/14
$ 12,500,000
MR BP RESIDENTIAL #1A LLC
 


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