Since January, 2003
 

May 21, 2004

August 1, 2010
2nd (West) at K, Looking West-Southwest (see more)

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."
 

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Comments

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.


https://www.cbremarketplace.com/7417/Internal%20Documents/Capitol%20Yards%20Portfolio%20ES.pdf



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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City Government Data for Near Southeast
Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
1100 B/O HALF ST SE   THEFT /  05/17/13
M ST SE AND 11TH ST SE   THEFT /  05/15/13
300 B/O VIRGINIA AVE SE   BURGLARY /  05/13/13
L ST SE AND 5TH ST SE   MOTOR VEHICLE THEFT /  05/08/13
900 B/O 5TH ST SE   MOTOR VEHICLE THEFT /  05/03/13
1000 B/O 3RD PLACE SE   MOTOR VEHICLE THEFT /  05/01/13
1500 B/O SOUTH CAPITOL ST   MOTOR VEHICLE THEFT /  05/01/13
1000 B/O 5TH ST SE   THEFT /  05/01/13
1500 B/O SOUTH CAPITOL ST   MOTOR VEHICLE THEFT /  05/01/13
900 B/O 4TH ST SE   MOTOR VEHICLE THEFT /  04/29/13
UNIT B/O M ST SE   THEFT /  04/27/13
700 B/O L ST SE   THEFT /  04/26/13

Active Public Space Permits Archive  
1011 1ST ST SE    COLIN CLARK 
Pending
excavation; new  
 03/03/14
to
05/01/14
815 4TH ST SE    Comcast Cable 
Assigned
excavation  
 05/06/13
to
07/05/13
1101 4TH ST SE    Comcast Cable 
Assigned
excavation  
 05/06/13
to
07/05/13
1200 - 1299 BLOCK HALF ST SE    Washington Nationals 
Issued
streetfixture; new  
 08/24/12
to
08/15/13
200 - 299 BLOCK TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
paving; excavation; new  
 01/01/13
to
12/31/13
200 - 299 BLOCK VIRGINIA AVE SE    Phil Sheridan 
Issued
excavation; new  
 05/20/13
to
07/18/13
909 HALF ST SE    Ruben Companies Ruben Companies 
Pending Document
excavation  
 03/01/13
to
09/01/13
23 I ST SE    23 I LLC c/o Ruben Companies 
Pending
paving; new  
 11/30/12
to
11/29/13
200 I ST SE    Todd Stone 
Pending
streetfixture; new  
 11/21/12
to
11/22/13
17 M ST SE    1015 HALF STREET SE LLC 
Pending
excavation; new  
 07/23/12
to
07/22/13
100 M ST SE    Gordon Biersch Restaurant And Brewery 
Pending
new  
 01/07/13
to
06/30/13
    WASHINGTON GAS 
Issued
excavation; new  
 05/06/13
to
07/04/13
    WASHINGTON GAS 
Assigned
excavation  
 04/23/13
to
04/22/14
202 M ST SE    canal park business assoc 
Issued
paving; new  
 04/29/13
to
05/31/13
401 M ST SE    cris FLACK 
Issued
excavation; new  
 04/22/13
to
06/20/13
770 M ST SE    Wash Gas & Light Co. 
Pending
excavation; new  
 12/10/12
to
05/31/13
900 M ST SE    Corman Construction 
Issued
excavation; new  
 09/11/12
to
09/10/13
922 M ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 04/30/13
to
06/28/13
1201 M ST SE    Michael Manoski 
Pending Document
excavation  
 05/06/13
to
05/05/14
1333 M ST SE    WASHINGTON GAS 
Assigned
excavation  
 05/01/13
to
04/30/14
1500 M ST SE    DC Water 
Pending
excavation; new  
 02/15/13
to
07/30/13
125 O ST SE    TRAYLOR/SLANSKA/JAY DEE JOINT VENTURE(DAMIAN RUPPERT) 
Issued
paving; streetfixture; new  
 12/24/12
to
12/23/13
300 TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
paving; excavation; new  
 12/14/12
to
12/13/13
301 TINGEY ST SE    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14
401 TINGEY ST SE    Northeast Remsco Construction Incorporated 
Pending
new  
 02/18/13
to
08/31/13
601 VIRGINIA AVE SE    Wash Gas & Light Co. 
Issued
excavation; new  
 04/30/13
to
06/28/13
301 WATER ST SE    Wash Gas & Light Co. 
Assigned
excavation  
 04/19/13
to
11/30/13

Recent Issued Building Permits Archive  
1263 1ST ST SE   
05/10/13 
CAPITAL RIVERFRONT HOTEL LLC / CAPITAL RIVERFRONT HOTEL LLC; WESTON SOLUTIONS INC.
SB1300204 / CONSTRUCTION
INSTALL FIVE MONITORING WELLS ON ADJOINING PARCELS ON SQUARE 701 LOT 818 821 825 826 827 TO EVALUATE SOIL AND GROUNDWATER ENVIRONMENTAL CONDITION PRIOR TO SITE DEVELOPMENT. SITE IS CURRENTLY VACANT AND USED FOR PARKING.
1013 4TH ST SE   
05/13/13 
EVA WALTER / RALPH E JACKSON
P1304928 / SUPPLEMENTAL
1212 4TH ST SE   
05/10/13 
FOREST CITY / FVI 2020
FD1300032 / CONSTRUCTION
REVISION TO FOUNDATION TO GRADE REF: PERMIT FD1109003
1201 HALF ST SE   
05/03/13 
LIVING SOCIAL'S BEER FEST / LIVING SOCIAL'S BEER FEST; RYLAND GREENHOUSE
TN1300188 / CONSTRUCTION
SPECIAL EVENT LIVING SOCIAL'S BEER FEST 60 10X10 TENTS 1 30X50 TENT
70 I ST SE   
05/08/13 
NA NA NA
EHOP1390413 / HOME OCCUPATION
80 M ST SE   
05/10/13 
WELLS REIT II 80 M STREET LLC / SCOTT BROADBENT; WELLS REIT II 80 M STREET LLC; SCOTT BROADBENT
E35382167 / SUPPLEMENTAL
   
05/15/13 
WELLS RELT II 80 M STREET LLC WELLS RELT II 80 M STREET LLC / ASHLEY MANGAN; WELLS RELT II 8 WELLS RELT II 80 M STREET LLC; DAVID RAINE
FS87326044 / SUPPLEMENTAL
300 M ST SE   
05/15/13 
FEDERAL CENTER LP / MARK A. PELUSO
E1305320 / SUPPLEMENTAL
100 M ST SE   
05/17/13 
KEN MERZELLIO / THOMAS HUMMEL; KEN MERZELLIO; THOMAS HUMMEL
E61670509 / SUPPLEMENTAL
1201 M ST SE   
05/08/13 
CARLTON RAY / MICHAEL MANOSKI
AH1300561 / CONSTRUCTION
PERFORM TEMPORARY LANE CLOSURES.
   
05/08/13 
WASHINGTON GAS LIGHT CO. WASHINGTON GAS LIGHT CO. / THOMAS NIEMANN; WASHINGTON GAS WASHINGTON GAS LIGHT CO.; JOE ISAAC
AR66926931 / SUPPLEMENTAL
   
05/15/13 
WASHINGTON GAS LIGHT CO / JEFFREY KNIGHT; WASHINGTON GAS LIGHT CO; JOHN WEEKS
E20855539 / SUPPLEMENTAL
880 NEW JERSEY AVE SE   
05/03/13 
880 NEW JERSEY AVENUE LLC / JOHN H THOMSON
E1305011 / SUPPLEMENTAL
   
05/03/13 
880 NEW JERSEY AVENUE LLC / JOHN H THOMSON
E1305010 / SUPPLEMENTAL
   
05/14/13 
880 NEW JERSEY AVENUE LLC / LEONARD J. MCNULTY
P1304963 / SUPPLEMENTAL
   
05/14/13 
880 NEW JERSEY AVENUE LLC / ALBERT J. PEARCE
M1301714 / SUPPLEMENTAL
1500 SOUTH CAPITOL ST SE   
05/10/13 
DISTRICT OF COLUMBIA / GUARDIAN FIRE PROTECTION SERVICES
B1306662 / CONSTRUCTION
INSTALL ANSUL R-102 1.5-GALLON COMMERCIAL KITCHEN HOOD FIRE SUPPRESSION SYSTEM TO PROTECT NEW SMOKER OVEN IN CLUB LEVEL KITCHEN - WASHINGTON NATIONALS STADIUM
300 TINGEY ST SE   
05/16/13 
FC BOILERMAKER LLC /
P1305030 / SUPPLEMENTAL
101 TINGEY ST SE   
05/17/13 
HILL COUNTRY BBQ MARKET / ALEX CRAWFORD
TN1300200 / CONSTRUCTION
OUTDOOR VENUE WITH FENCE AND TENTS FOR FOOD AND BEVERAGE SALES WITH LIVE MUSIC
300 TINGEY ST SE   
05/10/13 
FOREST CITY WASHINGTON / JOE SPINELLI RESTAURANT CONSULTANTS
B1303626 / CONSTRUCTION
INTERIOR ALTERATION OF AN EXISTING BUILDING OF A TOTAL GFA = 2750 SQ.FT. ON 1ST FLOOR TO BE A NEW T / L 84-SEAT & 94 OCCUPANCY LOAD RESTAURANT. WORK TO INCLUDE NEW WALLS CEILINGS FLOORS AND LIGHTING. NEW HVAC HOOD SYSTEM ELECTRICAL MECHANICAL PLUMBING.
   
05/10/13 
FC BOILERMAKER LLC /
P1304906 / SUPPLEMENTAL
   
05/15/13 
FC BOILERMAKER LLC / DOMINIC E TOTARO
M1301731 / SUPPLEMENTAL
   
05/15/13 
FC BOILERMAKER LLC / DOMINIC E TOTARO
P1305012 / SUPPLEMENTAL
301 TINGEY ST SE   
05/14/13 
SEFC 160 LLC / JEFFREY KNIGHT; SEFC 160 LLC; JOHN WEEKS
E83248440 / SUPPLEMENTAL
301 WATER ST SE   
05/07/13 
FC LUMBER SHED LLC / DENNIS R. WOODE
E1305113 / SUPPLEMENTAL
   
05/07/13 
FOREST CITY / FVI 2020
B1304901 / CONSTRUCTION
INSTILLATION OF PREFAB MECHANICAL STORAGE PLATFORM OF APPROX 622 SQ FT AREA STRUCTURE OF STEEL FRAMING WITH COMPOSITE DECK WITH TUBE STEEL COLUMNS ON FOOTINGS
   
05/08/13 
TOUR DE FAT / PAUL GRUBER
TN1300155 / CONSTRUCTION
SPECIAL EVENT TOUR DE FAT 1 36X24 STAGE 2 20X20 TENTS 3 10X10 TENTS
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  
1263 1ST ST SE   03/14/13
$ 5,435,680
CAPITAL RIVERFRONT HOTEL LLC
 
0084 N ST SE   03/14/13
$ 5,435,680
CAPITAL RIVERFRONT HOTEL LLC
 
0086 N ST SE   03/14/13
$ 5,435,680
CAPITAL RIVERFRONT HOTEL LLC
 
0086 N ST SE   03/14/13
$ 5,435,680
CAPITAL RIVERFRONT HOTEL LLC
 
1265 1ST ST   03/14/13
$ 5,435,680
CAPITAL RIVERFRONT HOTEL LLC
 
N ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
N ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
N ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
1244 SOUTH CAPITOL ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
1236 SOUTH CAPITOL ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
N ST SE   03/05/13
$ 7,525,000
MR BALLPARK 2 LLC LEHMAN BROS HOLDINGS INC FL 39
 
0050 M ST   03/05/13
$ 5,125,000
MR BALLPARK 6 LLC LEHMAN BROTHERS HOLDINGS INC
 


Projects Underway
Boilermaker Shops
Twelve12/Yards
Lumber Shed
Park Chelsea 
  
Nationals Park
Visiting Nats Park
What's New Around the 'Hood
Food Options Map
Parking/Transportation
Ballpark Construction Photos
Stadium Event Photos
In the Pipeline
Akridge/Half Street
Virginia Ave. Tunnel
Square 701
Monument/Half Street
1111 New Jersey
Nat'l Comm. Church
Capper Apartments
Square 882
250 M Street
New SoCap Bridge
Florida Rock
23 I Street
Congressional Square
1000 South Capitol
SC1100
New Marine Barracks
Factory 202/Yards
Completed
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts/Yards ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 NJ Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
Nationals Park ('08)
70/100 I ('08)
Seniors Bldg Dem. ('07)
400 M ('07)
SoCap Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Overviews
Capper/Carrollsburg
Ballpark District
New Jersey Ave.
M Street
South Capitol St.
WASA
The Yards
Lower 8th Street
East M Street
Boathouse Row


Links of Interest

JDLand.com Wins 2008 Knight-Batten Citizen Media Award
As part of the Knight-Batten Awards for Innovations in Journalism, JDLand was given the 2008 Citizen Media Award. Read all about it.

Capitol Riverfront Business Improvement District
Covering Near Southeast & Buzzard Point.

Studies/Initiatives/Government Documents:
11th Street Bridges EIS
South Capitol St. Bridge EIS
South Capitol Gateway Corridor/Anacostia Access Study
Anacostia Riverwalk Trail
NCPC's New Vision for South Capitol Street (2005 Update)
Anacostia Waterfront Initiative (2005)
Near Southeast Draft Urban Design Framework (2003)
Urban Land Institute South Capitol Street Corridor Report (2003)
Neighborhood Strategic Action Plan (2002)
DC Streetcars (may run down M Street SE someday)

Capitol Gateway and Southeast Federal Center Zoning Overlays
Two documents that spell out in extreme detail exactly what the requirements are for developments along South Capitol, M, in the Ballpark District, and at "The Yards". Read also my short explanatory treatise on these two overlays.

Pre-Redevelopment Media Overviews:
A Transformed Neighborhood Awaits Stadium (WP, 8/15/05)
      includes huge map of development plans
The Morphing of a Forgotten Neighborhood (WP, 9/2/2004)
      A brilliant take on the neighborhood!
Betting Big on Near Southeast (WP, 7/15/04)
Hope for the Waterfront (WBJ, 01)
Seeking a Better View On the Waterfront (WP, 3/8/98)
 

DC Government
Mayor's Office
Planning/Economic Development
   Office of Planning
DC Consumer & Regulatory Agency
DC Office of Zoning
DC Municipal Regulations | Zoning
DC Dept. of Transportation

DC City Council
Tommy Wells

ANCs: 6D | 6B
David Garber (6D07)
Kirsten Oldenburg (6B04)
Police: MPD-1D | PSA 105

Other Organizations
National Capital Planning Commission
Earth Conservation Corps
Capitol Hill Restoration Society
Barracks Row Main Street
Marines Community Integrated Master Plan
 

 

News Publications
The Hill Rag
The Southwester

Other DC Neighborhood/City Blogs
SW DC - The Little Quadrant That Could
The Hill is Home
Congress Heights on the Rise
Greater Greater Washington
WashCycle
Penn Quarter Living
Frozen Tropics
The Triangle
14th and You
The 42
Beyond DC
Richard Layman
 




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