CIM Group Expands Multifamily Presence in Northern VA
The firm has commenced construction on a 122-unit adaptive reuse multifamily project, and has additionally acquired a 939-unit residential community.
ALEXANDRIA, VA – CIM Group is expanding its Northern Virginia multifamily portfolio. The firm has acquired Skyline Towers, comprising 939 apartment units, in Falls Church, VA, and has separately commenced construction on the redevelopment of a former hotel in Alexandria, VA.
The firm’s recent acquisition encompasses the two, 26-story Skyline Towers, located at 5599 Seminary Road within the Bailey Crossroads submarket. Constructed in 1971 and featuring more than one million square feet of space, the towers are situated on 12.68 acres of land. The residential community offers residents an array of amenities, including a fitness center, game room, conference rooms, screening theater, salon and convenience store.
Located less than five miles from Downtown Alexandria and six miles from Amazon’s future HQ2, the property is brings CIM Group’s Northern Virginia multifamily portfolio to more than 2,400 apartment units, and more than 3,800 apartment units in the Greater Washington DC area.
Additionally, CIM Group announced the beginning of construction on its adaptive reuse project at the former Crowne Plaza Hotel in the Old Town submarket of Alexandria, VA.
Located at 901 N Fairfax along the Potomac River, the 12-story structure will be turned into a 13-story tower, featuring 122 residential condominiums. The property will offer floor-to-ceiling glass facades, for panoramic views of the Potomac River and Montgomery Park. The condominiums will also feature a new 13th floor penthouse clubroom and rooftop deck.
The transformation of the waterfront property, will additionally include the conversion of an adjacent parking lot into 41 new townhomes, and will add a performing arts theater at the base of the tower.
Adjacent to Mount Vernon Trail, the project will offer on-site community gathering and recreation spaces. In close proximity to shopping, dining and entertainment options, the redevelopment is located three miles from National Landing, the future side of Amazon’s HQ2.
CIM Group acquired the property in early 2019, with co-developer, Carr Companies.
CIM Group currently owns and operates two additional residential communities in Alexandria, VA; Mason at Van Dorn, a 1,180-unit residential community and Park Place at Van Dorn, a 285-unit residential community.
CIM Group, established in 1994, is a real estate and infrastructure owner, operator and lender. The firm offers services in acquisition, credit analysis, development, finance, leasing, property management and more. On behalf of the firm, its partners and co-investors, CIM Group has led more than $60 billion in projects throughout the Americas.