CIM Group Buys D.C. Apartment Portfolio

CIM Group buys 449 units in Washington, D.C.; KW Commercial completes a luxury sale in West Los Angeles; and Dane PCG represents AIMCO in sale of a $6.6 million Section 8 property.

Washington, D.C.—CIM Group has acquired a three-property apartment portfolio in Washington, D.C.’s Adams Morgan neighborhood. The communities include the Argonne, Harvard Village and Park East Apartments, which together comprise 449 units.

  • The Argonne is located at 1629 Columbia Road NW at 16th Street NW. It is an eight-story, 276-unit apartment building with 88 surface parking spaces and ground floor retail. Amenities include a swimming pool, fitness center, free Wi-Fi in the lobby and reserved parking.
  • Harvard Village and Park East Village are located next to each other on Summit Place NW just off Columbus Road. They total 173 units situated in mid-rise buildings.

The Adams Morgan neighborhood is located north of Dupont Circle and southwest of Mount Pleasant and Columbia Heights. CIM identified the submarket as a good investment due to its solid transportation network and position for economic expansion.

KW Commercial Arranges $8.8M Sale in West L.A.

BuildingLos Angeles—The Beverly Hills office of Keller Williams Commercial has closed the $8.8 million sale of Lanshire House, a 27-unit luxury asset located in West Los Angeles. Palm Heights LLC bought the 100 percent occupied asset from Redwood Residential Investments LLP. KW Commercial represented both parties in the transaction. Financing was provided by First Pacific Financial.

“Lanshire House is a meticulously clean and authentically attractive asset in a Class A location, where Class A buildings are not readily available,” says Sami Dinar, the buyer’s agent at KW Commercial. “This sale presents the buyer with a favorable investment opportunity in a superior location which will inevitably convert into consistent rental increases at premium rates over time.”

The 2006-built property has an amenity package featuring a sun deck, fitness center, courtyard and elevator, while individual units include a complete appliance package, in-unit washers, high ceilings and walk-in closets. Park Heights plans to enhance curb appeal with cosmetic improvements to the building’s facade and interiors, as well as with the addition of a club room and rooftop lounge area with barbecues and cabanas.

Dane PCG represents AIMCO in sale of $6.6M Section 8 property

Troy, N.Y.—Dane Professional Consulting Group brokered the O’Neil Apartments located in Troy, N.Y. The O’Neil Apartments are a seven-story, mid-rise apartment building with elevator containing a total of 114 units. The units will be a part of the project-based Section 8 HUD Housing Assistance Payment (HAP) Contract.

Dane PCG exclusively worked with the seller, AIMCO, and represented the buyer, Toporovsky & Sons. The project cost totaled $6.6 million and the expected date of completion is July 1, 2014.

Heidi Burkhart, president of Dane PCG, says of the transaction, “It’s great to be a part of preserving affordable housing in upstate New York. Many cities have expansive redevelopment plans and we were happy to see Troy stay true in preserving these units for tenants and the city. Kudos to both the city and agencies that were instrumental in the closing of the O’Neil Apartments—it was great to see preservation as the key focus for everyone involved.”