CIM Group Acquires Washington, DC-Area Towers for $506M
- Sep 02, 2020
CIM Group has acquired a five-building apartment property in Alexandria, Va., for $506 million, marking one of the largest multifamily deals this year. Longtime owners Snell Properties and Caruthers Properties sold the asset, Southern Towers, which contains 2,346 units and spans nearly 2 million square feet.
Located at 4901 to 5055 Seminary Road, the 16-story towers were completed between 1961 and 1965, with one building renovated in 2015. The property is more than 95 percent occupied, according to Yardi Matrix. CBRE, which was retained to market the asset last summer, brokered the sale and arranged financing, according to an account in the Washington Business Journal.
The towers sit on a 40.5-acre site 8 miles southwest of Washington, D.C. and feature a mix of units from studios to three-bedroom floorplans. Amenities include two large swimming pools, tennis courts and a playground set, as well as fitness center in each building and a community room and business center. The property has direct access to Interstate 395 and is located a short drive away from Crystal City and Amazon’s planned second headquarters.
The transaction price, as revealed by public records, equates to around $215,686 per unit and represents one of the largest-ever sales of a single multifamily asset in Northern Virginia. The deal boosts CIM’s residential portfolio to more than 5,500 units in the D.C. area, adding to such holdings as Skyline Towers, a 939-unit community in Falls Church, Va., that the company purchased from Equity Residential last year.
Elsewhere in Alexandria, CIM Group acquired the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax last year and is currently converting the property into 119 residential condos and 41 townhomes. Other developments include Front & York, a 728-unit condo project in Brooklyn that the company is building with LIVWRK.