CIM Group Provides to Northern Virginia Multifamily Portfolio with Acquisition of two,346-Unit Southern Towers in Alexandria, Virginia

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CIM Group Adds to Northern Virginia Multifamily Portfolio with Acquisition of 2,346-Unit Southern Towers in Alexandria, Virginia

ALEXANDRIA, VA – CIM Group announced that it has acquired Southern Towers, a 2,346-unit apartment building comprised of five 16-story high-rise apartment buildings located at 4901-5055 Seminary Road in Alexandria, Virginia. The buildings with a total area of ​​almost two million square meters were constructed between 1961 and 1965. One building was renovated in 2015. This acquisition expands CIM's residential portfolio in the greater Washington, DC area to more than 5,500 units.

The five residential towers occupy 40.5 hectares and offer a variety of outdoor amenities, including two large swimming pools, tennis courts and a playground in a park-like setting. Indoor facilities include a fitness center in each building, a common room and a business center. Units range from studios to three bedrooms in various floor plans.

The completion of this transaction at this point was based on the experience of CIM's Investment, Real Assets Services and Capital Markets teams who efficiently managed the acquisition process. CIM will continue to work with community leaders and city guides to maintain the importance of the southern towers to the Alexandria community.

The Southern Towers is conveniently located in North Virginia with direct access to Interstate 395 and a short drive to Crystal City, Pentagon City, Arlington, Falls Church, Fairfax, Springfield, Tyson & # 39; s Corner and Washington DC. The property is 6 miles from Washington DC's Amazon Headquarters 2 Ronald Reagan Airport and eight miles from downtown DC

CIM has been an active owner, developer, and operator in the greater Washington, DC area for more than 15 years. CIM's Washington DC portfolio includes office, hotel and residential properties. In Alexandria, CIM currently owns and operates Skyline Towers, a shared flat with 939 residential units, Mason at Van Dorn, a shared flat with 1,180 residential units, and Park Place at Van Dorn, a shared flat with 285 residential units. CIM is currently converting the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax into 119 condominiums and 41 townhouses.

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