WASHINGTON, DC-CIM Group has acquired a three-building, 449-unit apartment portfolio in Adams Morgan. The properties are The Argonne, Harvard Village, and Park East Apartments.
The Argonne, located at 1629 Columbia Rd. NW, is an eight-story, 276-unit apartment building and ground floor retail. Harvard Village and Park East Apartments are located next to each other on Summit Place NW. Harvard Village consists of two mid-rise buildings totaling 85 units. The Park East Apartments is a seven-story building with features 88 units.
CIM Group has identified Adams Morgan as a Qualified Community—meaning that it possesses characteristics that fit CIM's investment criteria of urban districts positioned for economic expansion with solid infrastructure and transportation networks.
Indeed, Adams Morgan is very popular with investors, who regularly snap up one off buildings there when they become available. It is the rare portfolio that come to market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
