CIM Group Adds 2,346 Units to Northern VA Portfolio
The company has acquired five residential towers in Alexandra, VA for a reported purchase price of $506 million.
ALEXANDRIA, VA – CIM Group has acquired a 2,346-unit multifamily property in Alexandria, VA for a reported purchase price of $506 million.
The acquired asset, Southern Towers, consists of five 16-story, high-rise apartment buildings, totaling nearly two million square feet. Located at 4901 – 5055 Seminary Rd., the residential towers comprise The Graham, The Stratford, The Sherwood, Ashlawn and Monticello.
Constructed between 1961 and 1965, the residential towers feature a variety of amenities, including two swimming pools, tennis courts, a playground set, a fitness center in each building, a community room and a business center. The buildings offer units ranging from studios to three-bedroom floorplans.
Situated on 40.5 acres of land, the structures are located six miles from Amazon’s HQ2 and and eight miles from downtown Washington DC.
CIM Group’s investments, real assets services and capital markets teams managed the acquisition process for this transaction.
The acquisition expands CIM Group’s greater Washington DC area residential portfolio to total more than 5,500 units. Within Alexandria, CIM Group currently owns and operated the 939-unit, Skyline Towers; the 1,180-unit, Mason at Van Dorn; and the 285-unit, Park Place at Van Dorn.
