CIM Group Picks Up 939-Unit Community in Northern Virginia
The two-tower multifamily property in Falls Church, Va., was built in 1971 and sits in an Opportunity Zone.
Owner and developer CIM Group has expanded its holdings in Northern Virginia and the Greater Washington, D.C. area with the acquisition of a 939-unit community in Falls Church, Va., from seller Equity Residential. A purchase price was not disclosed by the firm.
With this acquisition, CIM Group now owns more than 2,400 apartment units in Northern Virginia and more than 3,800 in the greater Washington, D.C. area. The deal comes on the heels of the firm selling its stake in a high-rise community it developed in downtown Chicago to Morguard North American Residential REIT.
The two-building Skyline Towers community was built in 1971 on 12.6 acres and houses more than one million square feet of space. Both towers at the property rise 26 stories and feature a mix of studio, one-, two- and three-bedroom units averaging 1,107 square feet in size. Currently 97 percent occupied, the community offers resident amenities including a 24-hour fitness center, game room, conference rooms, screening theater, on-site salon and a convenience store.
Located in an Opportunity Zone in the Bailey Crossroads submarket of Falls Church, the community is near major thoroughfares including interstate 395, interstate 95 and the Capital Beltway. Amazon’s forthcoming HQ2 and Washington D.C.’s Ronald Reagan Airport are both situated about 6 miles from the property.
Skyline Towers last changed hands in 2005, when Equity Residential purchased the property for $165 million from Fairfield Residential, per Yardi Matrix data.
The Washington, D.C. multifamily market had the second-largest multifamily pipeline in the country as of June, second only to Dallas. Employment growth in D.C. is leading to strong demand for Class A rentals and strong rent growth, which in June, reached 3.5 percent year-over-year.