J.P. Morgan Buys Two Washington D.C. Apartment Buildings
- May 06, 2012
J.P. Morgan Asset Management, a division of J.P. Morgan Chase, recently acquired the 909 at Capitol Yards and the Axiom at Capitol Yards, two apartment buildings located in Washington, D.C.’s Capitol Riverfront neighborhood. J.P. Morgan Asset Management acted on behalf of institutional investors.
A few months ago, the two buildings were put up for sale as part of the Capitol Yards apartment building portfolio. The portfolio also included the 448-unit Jefferson at Capitol Yards.
The 246-unit Axiom at Capitol Yards was completed in 2008 and is located at 100 Eye St., S.E. It includes such amenities as a sports lounge with plasma TVs, billiards, shuffleboard and darts, a state-of-the-art fitness center, controlled building access, designer kitchens, full-size washers and dryers, walk-in closets, private parking garages, a 24-hour concierge, a rooftop swimming pool and sundeck, bicycle storage and additional personal storage spaces, along with a high-tech business center. The Axiom sold for $93.9 million, or about $396,000 per unit.
The 909 at Capitol Yards was completed in 2009. It is located at 909 New Jersey Ave., S.E., and includes such amenities as an outdoor pool, fitness center with separate Asian-themed spa area, designer kitchens, full-size washers and dryers, walk-in closets, a 10-seat state-of-the-art theater, a full business center complete with videoconferencing, and a pub with 90-inch screen, pool table, foosball table and more.The 237-unit building was sold for $95.4 million, or about $403,000 a unit.
The two Class A high-rises are located just a few blocks from the Washington Nationals baseball stadium and five blocks from the U.S. Capitol, Senate and House office buildings. The Southeast Freeway (I-295) and the I-395 Freeway are also close, and two Metro stations are within walking distance.
The sellers were 909 New Jersey Avenue, L.P. and 100 Eye Street, L.L.C, two entities affiliated with Dallas-based JPI Multifamily Partners. Representing them was CBRE’s Washington, D.C., multi-housing team of Bill Roohan, Andy Boyer, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Robert Meehling and Martha Hastings.
Image courtesy of http://capitolriverfront.org.