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A massive Northern Virginia apartment complex has traded hands in one of the region's largest-ever multifamily deals.
CIM Group acquired Southern Towers, a five-building, 2,311-unit apartment complex in Alexandria for $506M, CoStar reports. A source familiar with the deal confirmed the details to Bisnow.
Snell Properties and Caruthers Properties, the partnership that developed the complex in 1960, sold it to CIM. CBRE's Bill Roohan, Robert Dean, Mike Muldowney and Jonathan Greenberg represented the seller, while CBRE's David Webb and Maxi Leachman arranged financing for the buyer.
The complex sits at the intersection of I-395 and Seminary Road. The deal, one of the largest in the region's history, nearly eclipsed the $509M sale of Alexandria's Mark Center apartments in 2017.
The Southern Towers property consists of five towers: The Graham, The Stratford, The Sherwood, Ashlawn and Monticello. Its amenities include swimming pools, tennis courts, a playground, a fitness center, a community room and a business center.
The acquisition expands CIM Group's D.C.-area portfolio to more than 5,500 apartments. The investor in December acquired the 939-unit Skyline Towers property in Falls Church. It also owns the 1,180-unit Mason at Van Dorn and the 285-unit Park Place at Van Dorn apartment properties in Alexandria.
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