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Residents at three of the neighborhood's "new" apartment buildings--the Jefferson and Axiom at 70 and 100 I Street, and the 909 New Jersey Avenue building, branded together as "Capitol Yards"--are reporting the posting today of public notices, along with e-mails from management, announcing that the buildings are under contract to be sold.
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."
Comments (9)
   
 
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bleeper1 says: (1/30/12 10:44 PM)
I just moved into 909. If anyone knows how to translate this stuff into English, that would be most helpful. My only concern is whether my lease will remain valid for the next 12 months, regardless of what happens with the sale.


jcm9921 says: (1/31/12 12:13 PM)
Your lease is fine, renewal may be interesting, but for the length of your lease nothing can change...I haven't read the whole contract downstairs(or my lease in several months) but I am sure there is something about assignees...which covers sales and basically means the new owners have to act the same as the old owners in terms of any existing leases(although I only got a B+ in contracts back in law school)...more importantly, I am concerned about the staff, not sure of their situation.


Tee says: (1/31/12 10:04 PM)
I found this on the internet, I could be wrong but based on my calculations my 750 sq ft apt could go for $225k. If you hear of anyone planning to develop a tenant assocation for purchase at the Jefferson, please let me know.

Or if you could tell me how to get it started that would be great as well.


link



Clementine says: (2/1/12 9:54 AM)
I took a quick look at the 100 I contract this morning and it looks like the buyer is a real estate investment trust managed by JP Morgan's Commingled Pension Trust Fund (Strategic Property). The concierge and cleaning contracts seem to be being picked up, but I didn't see the overall Greystar management contract on either the schedule of included or excluded service contracts. It may be addressed somewhere deeper in the text of the contract, I only read the purchase section and those exhibits.


tspaquin says: (2/3/12 2:41 PM)
My line of work includes DC Real Estate and landlord/tenant matters, but I'm not a lawyer, so take this for what it's worth.

In DC, you have something called "TOPA" - which stands for the Tenant's Opportunity to Purchase Act. This law requires that for a sale of any residential rental property that is not vacant, i.e. has tenants currently living there, the seller must give the tenants the first opportunity to purchase the property. When there is a 3rd party contract, the tenants are giving a period of time in which to unite and form a tenant association, make an offer on the property (I believe you must at least match the 3rd party offer), and obtain financing. If you have already been put on notice of the proposed sale with the proper TOPA notices being mailed to you and posted in our property, then the clock is ticking. I believe you have 45 days to form a tenant association.

This translates into a great opportunity for many renters in DC. However, if you don't have a sufficient number of tenants interested in buying the building, then the sale can go through to the 3rd party. I believe any leases in place would remain in effect. Certain things could change with a new owner.

If there is sufficient interest among you and your neighbors to purchase your apartment building (usually such a move would result in a condominium regime) -- then you should consult an attorney who is knowledgeable in these matters immediately. My law firm specializes in such things, if you want to contact us.

- Tom


monicaterp says: (2/8/12 9:57 AM)
I hope this message reaches all that responded earlier. Jefferson and Axiom are both indeed trying to form tenants associations. I only know about the Jefferson's. We are forming for all residents so that we can hope to have some say in negotiations with the property. We are NOT all planning to buy our units or the building. With TOPA, residents may negotiate all terms of the sale- relocation money for those wishing to move, purchase options for those wishing to buy, and rent concessions for those who want to continue renting. Regardless of if and when a sale takes place, the tenant assoc can also assist us with communications with management regarding building issues. PLEASE sign up- there is NO FEE OR OBLIGATION. We currently just need a majority of tenants to give us their names, in order to legally form the assoc. AGAIN, THERE IS NO OBLIGATION TO BUY YOUR UNIT!!! E-mail jcytenants@gmail.com with your name & apt number PLEASE!!!


JD says: (2/8/12 10:13 AM)
(Asked on Twitter, but I'll ask here). Have the tenants received the separate notification that I think is required under DC law that the building is going to be switched to condos? That wasn't part of the notifications received last week.


monicaterp says: (2/8/12 10:32 AM)
(from twitter) Current management is insisting the buyers want to keep it a rental. Tenant assoc can neg terms of sale influencing either way though....I, for example, wish to move out completely, but it would be nice to receive relocation $. This is not rare- see this article: link Residents who wanted to move got $20,000!!!!!


tspaquin says: (2/17/12 9:57 AM)
The only way they would offer move-out $$ would be if they want to convert it to condos. If they want to keep it rental, there is no reason to offer any move-out incentive.

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Recent Crime Incidents Archive  
1200 B/O HALF ST SE   ROBBERY  02/18/20
UNIT B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 02/15/20
400 B/O M ST SE   ASSAULT WITH A DANGEROUS WEAPON  02/08/20
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Theft (theft From Motor Vehicle)
 01/27/20
1100 B/O 8TH ST SE   BURGLARY
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303 VIRGINIA AVE SE   ROBBERY  01/25/20
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Recent Issued Building Permits Archive  
909 4TH ST SE   
02/12/20 
MEREDITH FASCETT / null
E2004655 / SUPPLEMENTAL
1300 4TH ST SE APT 214   
02/03/20 
null / NA NA NA
EHOP20983190 / HOME OCCUPATION
900 5TH ST SE   
01/24/20 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / WILLIAM B. CRIST; WILLIAM B. CRIST
E2003968 / SUPPLEMENTAL
1021 5TH ST SE   
02/13/20 
KEVIN WILLIAMS / KEVIN WILLIAMS; KEVIN WILLIAMS
B2005053 / CONSTRUCTION
Apply for building permit to have final closing inspection for permit #B1602481 & B1602513 per inspector inspection report since these permits has expired.
82 I ST SE   
01/27/20 
GDV EYE STREET LLC / null
P2003302 / SUPPLEMENTAL
   
01/27/20 
GDV EYE STREET LLC / null
M2001261 / SUPPLEMENTAL
100 I ST SE APT T-13   
01/25/20 
null / NA NA NA
EHOP20960826 / HOME OCCUPATION
150 I ST SE   
02/14/20 
SQUARE 737 LLC / JASON D DORRIS
AH2000818 / CONSTRUCTION
Construction of a new 13 story apartment building with three below grade parking levels, 1st floor retail, and amenity areas; 375 units and 181 parking spaces. To include mechanical, electrical, plumbing, elevators and structural work.
250 M ST SE   
02/14/20 
SQUARE 769 LLC / null
P2003901 / SUPPLEMENTAL
800 NEW JERSEY AVE SE   
01/30/20 
NEW JERSEY AT H LLC / MICHELLE GABBITAS
AH2000649 / CONSTRUCTION
Manhole rehabilitation on New Jersey, 2nd St and M St SE to repair 3 existing sewer manholes in DDOT ROW. Work will all be done through existing manholes (trenchless) and include lining, rebuilding and bypass of existing manholes.
861 NEW JERSEY AVE SE   
01/28/20 
DISTRICT OF COLUMBIA / JANE MCCRAY
AH2000647 / CONSTRUCTION
Pepco contractor, W.A.Chester, will be splicing cable on 02 / 01 / 2020 - 02 / 28 / 2020, from 9 PM - 7 AM.
1275 NEW JERSEY AVE SE 20003   
02/14/20 
BROOKFIELD PROPOERTIES / TIM GOOD
AH2000849 / CONSTRUCTION
After hours to conduct work on 1275 New Jersey Ave SE on the upcoming holiday, Presidents Day, February 17, 2020. Operations would include below grade concrete and waterproofing activities with access limited to N Street. This permit would not include extended work hours beyond the normal 7am to 7pm period.
1275 NEW JERSEY AVE SE   
01/29/20 
US GOVERNMENT / null
E2004153 / SUPPLEMENTAL
   
01/29/20 
MILLER AND LONG / WILLIAM MOORE
AH2000659 / CONSTRUCTION
Afterhours to pour concrete with pump truck from 11pm to 7am from 2 / 6 / 2020 to 3 / 6 / 2020
   
01/30/20 
UNITED STATES OF AMERICA / VINCENT J. BROWNING; VINCENT J. BROWNING
P2003449 / SUPPLEMENTAL
1-Oil / Sand interceptor
   
01/30/20 
US GOVERNMENT / null
E2004202 / SUPPLEMENTAL
   
02/07/20 
MILLER AND LONG / WILLIAM MOORE
AH2000699 / CONSTRUCTION
Afterhours to put up towercrane with mobile crane saturday 2 / 8 / 2020 and 2 / 9 / 2020 from 5am to 1159pm
1299 NEW JERSEY AVE SE   
02/18/20 
FOREST CITY SEFC LLC / STRAUCHON; SEE BELOW
BCIV1800153 / CONSTRUCTION
Phase 1A BCIV Permit Description - BCIV 1800153 - The subject BCIV permit is for the Phase IA development of Quander St SE, N Pl SE, and 1-1 / 2 St SE within the overall Forest City, Yards West (FCYW) development area which emphasizes: pedestrian-focused public realm, optimized utility corridor, fully integrated SWM design, and complete street and vision zero design. The FCYW Phase IA is comprised...
1322 PATTERSON AVE SE   
02/13/20 
JOINT BASE ANACOSTIA BOLLING - UNITED STATES NAVAL OBSERVATORY SI / TONYA HARRIS; TONYA HARRIS; TBD
BCIV2000046 / CONSTRUCTION
***FEDERAL PROPERTY*** PROJECT WILL CONSIST OF DREDGING THE EXISTING RETENTION POND AND INSPECTING AND CLEANING THE OUTLET CONTROL STRUCTURE (S1) LOCATED ON THE UNITED STATES NAVAL OBSERVATORY TO REMOVE SEDIMENT ACCUMULATION. CONTRACTOR SHALL AVOID THE CLEARING OF VEGETATION ON POND EMBANKMENTS AND SURROUNDING AREAS SO AS TO KEEP RESTORATION AND REPLANTING TO A MINIMUM.
71 POTOMAC AVE SE   
02/13/20 
MRP REALTY / JAMES VANEGAS
AH2000681 / CONSTRUCTION
Perform interior and exterior construction activities. New construction 14-story new residential multi-family building.
79 POTOMAC AVE SE   
01/23/20 
RIVERFRONT HOLDINGS I LLC / ; W&M NA
B2003750 / CONSTRUCTION
320 SQ Ft metal canopy extension to exterior canopy. Existing canopy is standalone structure covering an outdoor bar area.
227 TINGEY ST SE   
01/23/20 
FFC 227 / ANDY MCKELVEY; ANDY MCKELVEY
SP1900050 / CONSTRUCTION
Install in-ground, gunite swimming pool on 11th floor of new construction. Scope includes gunite pool shell, finishes, and closed pool circulation system. All fresh water plumbing, sewer, electrical and mechanical work / connections by others. this permit is for a new commercial swimming pool
   
02/12/20 
GONE YARD HOTEL OWNER LLC / BOB BIROONAK; BOB BIROONAK
SG2000048 / CONSTRUCTION
one double face illuminated blade sign
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;

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