CIM Group Acquires First New Apartment Building At The Walter Reed Redevelopment
The first new apartment building at D.C.'s 66-acre Parks at Walter Reed development has sold ahead of its delivery.
CIM Group announced Wednesday it acquired The Vale, a 301-unit apartment building at the development that is in the final stages of construction and plans to launch leasing soon.
The investor didn't disclose the price, and the deed hasn't yet posted in public records. But financing documents posted Wednesday in the D.C. Recorder of Deeds show CIM obtained a $71M acquisition loan from Athene Annuity and Life Co.
A joint venture of Hines, Urban Atlantic and Triden Development broke ground on the apartment building in 2019 alongside The Brooks, an 89-unit condo building. The team is building it through a ground lease with the District, which acquired the 66-acre former Walter Reed Army Medical Center site from the U.S. Army in 2016.
The Vale's apartments range from studios to three-bedroom units, and it has 17K SF of commercial space that is leased to early education center Primrose Schools. Its amenities include a fitness center, a yoga studio, a clubroom, a courtyard and a saltwater pool.
“The Vale brings new residences to a vital metropolitan area served by public transportation and close to business centers and services, attributes that align with CIM Group’s community focus,” CIM co-founder and principal Shaul Kuba said in a release.
The Parks at Walter Reed development team began demolition and infrastructure work on the site in 2017, and in 2018 it broke ground on the redevelopment of an existing building into 200 units of affordable housing for seniors and veterans. Children's National System in 2018 broke ground on a new healthcare facility on a 12-acre portion of the Walter Reed campus, and it opened this spring.
In December 2019, the team signed Whole Foods to a 40K SF lease to anchor a 323-unit apartment building, The Hatley, and in April 2020 it brought on Bridge Investment Group as an equity partner and planned to break ground on that building the following month.
Three months ago, the Parks at Walter Reed development team announced it secured $20M of construction financing for a 54-unit affordable assisted living community. This month, Toll Brothers shared its plans with a neighborhood group for 144 townhouses and stacked condos on the Parks at Walter Reed site, UrbanTurf reported.