CIM Group Sells 1,180-Unit DC-Area Community

The property previously traded for $227.8 million.

CIM Group has sold Mason at Van Dorn, a 1,180-unit community in Alexandria, Va. The buyer, a joint venture between Shoreham Capital and Bridge Investment Group, financed the acquisition with a $157 million Fannie Mae loan arranged by Berkadia.

The asset previously traded in December 2017, when the seller purchased it for $227.8 million—$193,008 per unit—from Ares Management, Yardi Matrix information shows.

For the 2017 acquisition, the company used proceeds from a $30 million CMBS loan provided by Wells Fargo Bank and originated by JPMorgan Chase, according to the same source.

The 1972-built community also features 344 separate apartments that were converted into condominiums and are held by individual owners.

READ ALSO: Top 12 Multifamily Predictions for 2024

The 25-acre asset encompasses 14 four- and five-story buildings with studio, one- and two-bedroom layouts, ranging from 496 to 1,182 square feet. Common-area amenities include a media room, two swimming pools, a volleyball court and a tennis/pickleball court, along with a cybercafé, on-site daycare facility and sauna.

During its ownership, CIM Group improved communal areas and amenities, including modernizing the clubhouse to create gathering spots like a kids’ room, business center, fitness center, lounges and a theater. Additionally, the firm enhanced outdoor recreation areas by adding a kids’ playground and a grilling area, as well as upgrading the dog park.

The company also undertook residence renovations, including new flooring, cabinetry, appliances, fixtures and lighting. It also added full-size washers and dryers in select units.

Located at 140 S. Van Dorn St., the community is close to a host of dining and retail options, including the West End Village and Van Dorn Plaza shopping centers. Downtown Alexandria is some 5 miles away, while downtown Washington, D.C., is 11 miles northeast.

Berkadia Senior Managing Directors Walter Coker and Brian Crivella, along with Senior Directors Yalda Ghamarian and Bill Gribbin represented the buyer in the deal.

CIM’s recent expansion across the U.S.

CIM Group currently has more than 40 communities, according to Yardi Matrix information, totaling about 13,250 units. Last October, the company acquired Onyx183, a 390-unit community in Austin.

A few months earlier, the firm purchased a 1.3-acre site in Los Angeles for the development of a mixed-use property consisting of 168 units and 40,000 square feet of ground-floor retail space. A total of 17 units are expected to be affordable.

You May Also Like