Carr Cos. Secures $90M to Buy DC-Area Community
CIM Group provided the loan to finance the acquisition.
An affiliate of Carr Cos. and the Oliver Carr Co. has acquired the 247-unit Columbia Crossing in Arlington, Va. CIM Group provided a $90.3 million loan to finance the investment. Equity Residential sold the property after eight years of ownership, Yardi Matrix shows.
Built in 1991 across 6.3 acres, the six-building, garden-style community offers one- to three-bedroom floorplans, ranging from 760 to 1,261 square feet. Property amenities include a clubhouse, business center, billiard room, fitness center and pool. The new owner plans to use part of the loan to renovate the property’s interior and exterior.
Located at 1957 Columbia Pike, the community is some 2 miles northwest of National Landing and 3 miles of Ronald Reagan Washington National Airport. Downtown Washington, D.C., is some 5 miles northeast of the community, while the Amazon HQ2 is 2 miles southeast. Several dining, retail and entertainment options are available within a 1-mile radius.
Last year, Carr Cos. started the development of Muse, a 73-unit luxury condo building in Alexandria, Va. The company’s new purchase, Columbia Crossing, is some 7 miles north of the development.