CIM Group Buys 5 Alexandria Apartment Towers For $506M
A massive Northern Virginia apartment complex has traded hands in one of the region's largest-ever multifamily deals.
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 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.