ALEXANDRIA, VA – CIM Group has acquired a 2,346-unit apartment building in Alexandria, VA for a reported purchase price of $ 506 million.
The acquired Southern Towers property consists of five 16-story high-rise buildings with a total area of almost two million square meters. The residential towers are located at Seminary Road 4901-5055 and include The Graham, The Stratford, The Sherwood, Ashlawn and Monticello.
Built between 1961 and 1965, the residential towers offer a variety of amenities including two swimming pools, tennis courts, a playground, a fitness center in each building, a common room, and a business center. The buildings offer units from studios to three bedroom floor plans.
The buildings are on 40.5 acres, six miles from Amazon headquarters and eight miles from downtown Washington DC.
The CIM Group's Investment, Real Assets Services and Capital Markets teams managed the acquisition process for this transaction.
The acquisition expands the CIM Group's residential portfolio in the Washington DC area to a total of more than 5,500 units. In Alexandria, the CIM Group currently owns and operates the Skyline Towers with 939 units. the 1,180 unit, Mason at Van Dorn; and the 285-unit Park Place in Van Dorn.
The Graham at Southern Towers, 5021 Seminary Rd, Alexandria, VA.