CIM Group Buys DC Mixed-Use Apartments
- Jul 29, 2021
CIM Group is expanding its presence in Washington, D.C., with the acquisition of The Vale at The Parks, a newly constructed, mixed-use development featuring 301 apartments and more than 18,000 square feet of ground-floor commercial space. The sale price was not disclosed.
The Vale, located at 6800 Georgia Ave. NW, is the first new construction multifamily rental building to be completed at The Parks at Walter Reed, a 66-acre master-planned, mixed-use redevelopment of the former Walter Reed Army Medical Center. The building was developed by a joint venture of Hines, Urban Atlantic and Triden Development, the same team responsible for the redevelopment of The Parks.
Construction on The Parks began in April 2017. The developers broke ground on The Vale in April 2019. A year later, the team began development of The Hartley, a 323-unit luxury multifamily property anchored by a Whole Foods Market. It was the third new construction phase along with The Vale and The Brooks, which has 89 luxury condominium residences.
At full build-out, The Parks will feature approximately 3.1 million square feet of new construction, including 190,000 square feet of retail; 325,000 square feet of office, medical and educational uses; 20,000 square feet of creative and cultural uses; and a hotel and conference center. Residential options will include more than 2,200 condominiums, townhomes and apartments.
Shaul Kuba, CIM Group co-founder & principal, said in a prepared statement the property aligns with the company’s community focus by being in a walkable environment that is near public transportation, business centers and services. It also has abundant outdoor community spaces and a variety of new commercial uses that should be attractive to residents of The Vale.
The Vale offers a mix of studio, one-, two- and three-bedroom apartments. Amenities include a fitness center, indoor/outdoor yoga studio, club room, secure bike parking, courtyard with cabanas and a saltwater pool. Primrose Schools, an accredited early education and childcare center, has leased 16,576 square feet of the 18,269 square feet of commercial space. The property also has 316 parking stalls.
The property is adjacent to Rock Creek Park in Washington, D.C.’s Shepherd Park neighborhood. It is five blocks from the Takoma Red Line Metro Station and a short drive from regional job centers, including downtown Washington, D.C.; Baltimore; Bethesda and Silver Spring, Md.
CIM has been an active owner, developer and operator in the greater Washington, D.C., area for more than 15 years. The company has developed or operated more than 5,400 residential units as well as office and hotel properties. It has recently been active in the West and Northeast.
Last month, CIM expanded its Denver holdings with the acquisition of The Lex at Lowry, a 710-unit apartment and townhome community located at 240 S. Monaco Parkway on Denver’s east side. In March, CIM Group and developing partner LIVWRK completed construction of 111 Montgomery, a 12-story, 163-unit luxury condo property in Brooklyn’s Crown Heights neighborhood.
The partners also have a second high-end condo development in Brooklyn, Front & York, which has 728 units. In July 2020, the 1.1 million-square-foot, 21-story building in the DUMBO neighborhood was topped out.