The sale price is listed on the form as $82.25 million, with the buyer being ERP Operating Limited Partnership, which is the operating partnership of Equity Residential, owner of a slew of DC-area buildings including 425 Mass and 2400 M, as well as a huge slate of properties around the country. (As an aside, the company was started by Sam Zell, a name that certainly has resonance for folks in the newspaper biz.)

Onyx went on the market more than a year ago, but that initial offering didn't result in a buyer so it was re-offered later last year. The notice to tenants specified that there are only 11 units currently unoccupied.

As we all learned during the JPI sales, it's required by DC law that residential buildings of more than five units under contract to be sold be offered to residents to purchase. (Insert here my standard joke about looking in the sofa cushions for $82 million in spare change.)

JPI's Axiom and 909 buildings were sold for around $95 million each, with the the Jefferson's contract price/purchase price for tenants listed at about $165 million.

Onyx's next-door neighbor, the office building 100 M, was put up for sale in March. (Which is apparently just now news to WBJ, though I had heard rumors that it had been taken off the market after that original offering, so maybe this is a new push.)

This land has been owned by the Cohen Companies since their purchase of the entire block bounded by 1st, Half, K, and L in 2005.

In fact, the garage and below-grade structure for the Toll Brothers lot is already built--that's why you see all the funny beige boxes on the land, covering vent shafts and other infrastructure items. Cohen had planned to move forward with a sibling for Velocity soon after it completed the condo building, but that never came to fruition.

This would be Toll Brothers's first building in DC proper, I believe, but they have plenty of offerings in the Metro area. And, as I found out today, they don't just do single-family homes (White Flint Station is an example of a condo building of theirs in the area). UPDATE: SWill from across the way mentions in the comments that TB bought White Flint Station after it was completed and converted it to condos from apartments. Apologies for the assumption.

More to come on this, I'm sure. And it will no doubt be seen as another indication of the strength of Near Southeast's residential market.

[And I should add that Cohen still owns the third lot on the block, along Half Street.]

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?

In other words, the potential for a public-private development partnership as discussed in the 2010 series of public meetings is falling by the wayside, and the federal government will have to own the land that the new barracks is built on. (Though the Marines say they "will continue to investigate opportunities to collaborate with the District of Columbia to minimize impacts to the local tax base and pursue all viable options[.]")

During 2010, the site selection process had narrowed the slate down to three potential locations: the site of the Bachelor Enlisted Quarters/MBW Annex at 7th and Virginia, the former Exxon site at 11th and M on Square 976, and "Squares 929/930," the two blocks bounded by 8th, Virginia, 9th, and Potomac controlled by multiple landowners, including a joint venture between Madison Marquette and ICP Partners. Wednesday's newsletter, posted by the Washington Business Journal, says that squares 929, 930, and 976 will be analyzed in the environmental impact statement, but that the Annex site is now ruled out for the required 100,000 square feet of housing, though it could be used for the needed 60,000 square feet of "support space."

However, given that there's also mention of analysis of "any additional sites that are identified within 2,000 feet of the MBW Main Post at 8th and I," one wonders if some of the sites ruled out in the original CIMP process might come back to the table, such as the old Capper Seniors site at 7th and M ("Square 882") that the Marines coveted so much given its location just to the south of the Annex, even though the DC Housing Authority officially requested in May 2010 that the Marines stop looking at it. The Virginia Avenue Park would also fall within that 2,000-foot perimeter, but the park's devotees mobilized pretty successfully two years ago when the Marines initially eyed their turf, as did the parents at Tyler Elementary when its playing field was on the original site list.

The Marines do say they are still committed to many aspects of the original CIMP, including working "collaboratively with the community and stakeholders" (and the city), and also to the concept of "[r]educed security standoff distances for the urban environment."

Expect a formal announcement in "late summer" of the NEPA process.

If you haven't been following along (or weren't around in 2010), this site search has all come to pass because Building 20, the fortress just north of the freeway at 8th St. SE, suffers from "serious antiterrorism/force protection and quality of life deficiencies," with reuse of the site ruled out because of the expanded "standoff distances" now required in this War on Terror era. It's those new-era requirements, though, that have many in the area concerned about what sort of negative impacts a new barracks could have on its surroundings. Feel free to browse back through my many posts on the process for more details.

* I assume everyone's heard by now that Bruce Springsteen will be playing at Nats Park on Sept. 14. Tickets go on sale on Friday, April 27 at 10 am at tickets.com. (If I'm not showing appropriate enthusiasm, I apologize, but Springsteen just hasn't ever really done it for me. I think I was permanently scarred by everyone around me going so crazy for him when I was in college, during the whole Born in the USA era. I just hid in my room and listened to R.E.M., and U2, and the Smiths, and Squeeze, and Elvis Costello, and....)

* The Nats' current homestand continues for the rest of the week, with tonight being the first $2 Ticket Tuesday of the season. Then there's Neighborhood Night on Thursday, April 19, followed by the season's first Pups in the Park game at 1:05 pm Saturday, April 21, and Kids Opening Day at 1:35 pm Sunday, April 22.

* If you're not availing yourself of tonight's $2 Ticket Tuesday, perhaps you might want to check out the Capitol Hill Chamber of Commerce's session on real estate development in and around Capitol Hill, which will be focusing on the areas east of South Capitol and south of East Capitol, which includes Near Southeast. Tommy Wells is scheduled to be part of the lineup. It's from 7 to 9 pm at the Meader Theater (NCC's new home) at 535 8th St., SE.

* Saturday, April 21 is Lantern Making Family Day at the Yards Park, as part of the lineup of events as the Cherry Blossom Festival comes to a close. There are two sessions, at 10 am and noon, followed by a parade/procession through the park.

* It's a bit outside my boundaries, but residents and others may be interested to know that the new Anacostia Riverwalk Trail Bridge crossing the railroad tracks just north of Pennsylvania Avenue will be opening on April 24.

And, some non-event tidbits:

* Square 696, the block bounded by I, K, Half, and First owned by DRI and Jamestown and originally branded as "The Plaza on K," is apparently being relaunched as "Congressional Square," though that doesn't seem to have filtered down to any web sites just yet. It's still an 825,000-square-foot office and retail project.

* On Opening Day, I noticed a lot of cars parked in the fenced-off lot on the southeast corner of 1st and M SE that belongs to the former National Geospatial Intelligence Agency building. I asked Forest City about it, and they said that they will offer parking in that lot for certain games where big crowds are expected, but aren't planning to make it available for daily use.

* In the 700 block of Virginia Avenue, the Miles Glass building and the auto repair shop next door are no more, but at least they are now permanently enshrined as entries #168 and #169 in the Demolished Buildings Gallery. A parking lot is expected to be built for temporary use, while the National Community Church works on its plans for a larger events space on the site.

The chatter I've heard says that McCaffery has the land under contract, but no transaction has shown up so far in online property records to confirm this. However, a number of just-issued permits for soil borings on the lot have McCaffery Interests listed as the "agent," though not the land owner. Perhaps due diligence before completing a deal, or....?

This site has been owned by a mixture of long-time DC development families for many years (some since 1948!), and longtime observers may also remember it as the block where the old Normandie Liquors stood along with a number of other small buildings until 2008. Willco has been marketing the site since 2006 as a 700,000-square-foot mixed use development that would have had an office building at M Street, a residential building at N Street, ground-floor retail, and underground parking.

McCaffery is the developer behind the Market Common residential/retail project in Clarendon, Georgetown Centre, the renovation of Mazza Gallerie, the big Potomac Yard redevelopment across the river, and other local developments, but also has a number of big projects in Chicago, San Francisco, Pittsburgh, and elsewhere. Its web site says the company's purpose is "to add value through the opportunistic acquisition and subsequent development or redevelopment of land or buildings in high quality urban locations," and that McCaffery's typical properties are characterized by "high pedestrian traffic; within or adjacent to vibrant shopping districts; proven residential and/or office appeal; access to public transportation; and proximity to cultural or sporting activities," all of which would certainly seem to describe a one-block-long empty lot directly north of Nationals Park and right by the Navy Yard Metro station.

Any designs for the site would need to go through a zoning commission review because of its location in the Capitol Gateway Overlay, and I've heard that there has been a recent meeting with at least one city agency, so *something* is afoot with this site. Whether the previous design concept of office/residential/retail is in play or something new is coming remains to be seen.

This property is one of the four "strips" of land directly north of the ballpark between M and N and 1st and South Capitol that have seen little movement since the stadium opened four years ago. Monument Realty's Half Street project abuts it to the west across Cushing Street, with Akridge's Half Street project to the west of that across Half, and then the final strip across Van along South Capitol that Monument owns most but not all of. Akridge has hinted that they may begin work later this year on its side of Half Street, but there's no firm announcements from either developer.

If the chatter turns out to be accurate, it will be interesting to see what's in store....

I know little about this other than the fact it's on the market and being marketed by CBRE, so I don't know if this is a sale of just the building, like last time, given that the land is owned separately.

Anticipating the next question, there's been no news lately of a deal to rent the corner retail space, despite rumors last year that restaurant/brewery Gordon Biersch was interested.

The building's next door neighbor, the Onyx on First apartment building, was put on the blocks twice last year, but so far there's no indication of a deal. A couple blocks to the north, the neighborhood's three apartment buildings developed by JPI are under contract to be sold. And Opus East's other office development in Near Southeast, 1015 Half Street, is apparently being bought by Prudential Real Estate Investors after construction was completed by the Douglas Wilson Companies.

With the working name of "20 K," this building would be on the eastern portion of Square 697N, which Reuben picked up via foreclosure when JPI gave up on its plans for "23 I" on the site. There would be retail along the entire Half Street frontage, and Ruben is apparently looking around for any "organic markets" that might be interested. (Cue stampede of "OMG! OMG! OMG!" in the comments, but don't get ahead of yourselves, since there's no indication that That Particular Organic Market is displaying any interest in the site.)

Ruben owns the rest of the block as well, and envisions an eventual Phase II project along South Capitol Street (where the Exxon used to be) that could be residential, commercial, or a hotel, depending on what the market will bear.

No timeline at this point, so don't start packing up your things for a move just yet.

The up-tick in the development of mutlifamily residential properties in Near Southeast after a three-year lull during the Economic Difficulties is obvious: Forest City's 220-unit 1212 4th Street is just underway at the Yards, William C. Smith's 430-unit Park Chelsea is on the boards to get started later this year, Akridge is "hoping" to move forward in 2012 with the 280-unit residential part of its Half Street project, and Florida Rock's developers have replaced a planned office building with a 300-unit residential offering for the project's first phase, which could get underway in 2013. (And it's worth noting, as mentioned in the comments, that every one of these is planned to be a rental building, not condos.)

And I wouldn't be surprised if there were more to come.

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."

As I reported a few months ago, it will be 13 stories, with 433 units, which I understand will be broken down as 58 studios (about 466 avg sq ft), 281 one-bedrooms (606-738 sq ft), 92 two-bedrooms (1094 sq ft), and 2 three-bedrooms (1788 sq ft). There will be a courtyard garden, club room, gym, pilates/yoga studio, Jacuzzi, and 75-foot indoor lap pool on the ground floor. Then, up on the roof there will be a second pool along with the now-ubiquitous lounging/grilling area, as well as a "community garden" and dog exercise area. There will also be 1,500 square feet of "convenience" retail space on the ground floor, and three levels of underground parking. (They previously mentioned to me a bicycle entrance to a sizeable storage room separate from the car parking areas--I'm assuming that's still part of the plans, but I haven't confirmed.)

It's easy to notice that site clearing that has begun along New Jersey--this is the start of the pre-construction infrastructure work that Smith needs to do in order to relocate some very very deep pipes beneath the block. The company also tells me that they expect DPW to be moving out of their site just to the south of 880 New Jersey about a month from now, which can begin the chain reaction of getting the old trash transfer building demolished so that lots can be split and land transferred along the to-be-built I Street axis. Vertical construction on 880 NJ can't begin until all of that happens, so that will be a pretty easy-to-watch guide to when real work on the new apartment building can begin.

Once started, construction should take about two years.

This is the first phase of Smith's plans for Square 737, seen at right back in 2008. Originally the company had planned two residential buildings and two office buildings, but now they're looking toward filling the block with apartments, totalling around 1,200 units in four buildings. (And note that the entire four-building project is "matter of right," so there will be no zoning reviews or PUDs.) It's anticipated that there will be greater amounts of retail in the two buildings that will front 2nd Street, near Canal Park and across from 225 Virginia.

If you want to see more photos of Square 737 and get additional background, check my project page and previous posts.

While this will be William C. Smith's first apartment project in Near Southeast, they have been working in the neighborhood for a number of years, and literally working here since 2004 (when they opened 1100 New Jersey Avenue and moved their offices there). They have also been a big player in the creation of Canal Park, and are part of the Capper PUD team as the developers of the planned 250 M Street office building.

UPDATE: Lydia DePillis writes about the building's architecture at City Paper, and WBJ has a piece on the project for subscribers. And it gets a mention in WaPo's Capital Business section.