WASHINGTON, DC – CIM Group announced that it has acquired The Vale at The Parks, a newly constructed mixed-use residential complex in Washington, D.C. consisting of 301 apartment buildings, 18,269 square feet of commercial space on the ground floor and 316 parking spaces.
The Vale is located at 6800 Georgia Ave. NW and will be the first new multi-family rental building in The Parks at Walter Reed ("The Parks"), a 66-acre master plan mixed-use redevelopment building for the former Walter Reed Army Medical Center. The Vale was developed by a joint venture between Hines, Urban Atlantic and Triden Development, the same team responsible for redesigning The Parks.
"The Vale brings new residences to a major metropolitan area served by public transportation and near business centers and services, attributes that reflect the community focus of the CIM Group," said Shaul Kuba, co-founder and director of the CIM Group. "In addition, The Vale is in a well-used historic redevelopment designed to create a walkable environment with plenty of outdoor communal spaces and a variety of new commercial uses that we believe will be attractive environments for residents."
The Vale offers a mix of studio, one, two and three bedroom apartments. Residents have access to an array of amenities, including a fitness center, indoor / outdoor yoga studio, club room, secure bike parking, a courtyard with cabanas, and a saltwater pool. Primrose Schools, an accredited early childhood and childcare center, has rented 16,576 square feet of commercial space in The Vale.
When fully expanded, The Parks will include approximately 3.1 million square meters of new space, including a planned 190,000 square meters of retail, 325,000 square meters of office, medical and educational uses, 20,000 square meters of creative and cultural uses and a hotel / conference center. Housing options include more than 2,200 signature condos, townhouses, and apartments. The master plan provides for 20 hectares of open space. Neighbors to the campus include the Children's National Health System, which is building a pediatric research and innovation campus, and the U.S. Department of State's Foreign Mission Center, an international community of consulates from 10 to 18 countries.
The Parks is adjacent to Rock Creek Park in the Shepard Park neighborhood of DC, five blocks from the Takoma Red Line subway station and a short drive from regional employment offices that provide easy access to Silver Spring, Downtown DC, Bethesda and the United States Baltimore metropolitan area.
CIM has been an active owner, developer, and operator in the greater Washington, D.C. area for more than 15 years. and has more than 5,400 residential units in the greater Washington, D.C. as well as office and hotel properties developed or operated. Since its inception in 1994, CIM has been committed to improving its properties by increasing sustainability, efficiency and quality for tenants, residents and visitors, as well as enhancing the character and value of communities.