It's taken almost a year
, but the sale of 70 I Street
was completed this week, with public records showing that "70 Eye Street Acquisition LLC" paid $165.7 million for the 448-unit building developed by JPI and opened in 2008.
The other two buildings in the original JPI "Capitol Yards" lineup, 100 I and 909 New Jersey
, were sold back in May
for around $94 million each, but the 70 I sale took longer as tenants had attempted to purchase the property themselves (UPDATE
: or at least to file that paperwork in order to then attempt to negotiate terms of sale more favorable to residents). I don't have this confirmed, but I am assuming that the 70 I LLC, like the other two, is "institutional investors advised by J.P. Morgan Asset Management," since the 70 I sale deed has Morgan as the mailing address for the LLC.
Like the other properties, 70 I will be managed now by Bozzuto, which, in a letter to tenants, also said that the name of the property once known as the Jefferson at Capitol Yards is now changed to "70 Capitol Yards." (This is why I always just keep with the addresses.)