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CIM Group Buys 939-Unit Falls Church Apartment Towers

The Skyline Towers apartment property at 5599 Seminary Road in Falls Church

A pair of 26-story apartment towers in Falls Church has just traded hands.

CIM Group announced Monday it acquired Skyline Towers, a 939-unit, high-rise apartment community at 5599 Seminary Road in Falls Church. It did not disclose the purchase price. 

The property last sold in 2005 to Equity Residential for $166M, property records show.

The adjacent 26-story towers, constructed in 1971, sit on a 13-acre site less than a mile from the the Bailey's Crossroads intersection of Leesburg Pike and VA-244. The property is near a shopping enter that features Target, Giant Food, Home Goods, Burlington and several other retailers. 

The amenities at Skyline Towers include an outdoor pool area, a fitness center, a screening theater, a game room, a conference room, a salon, a convenience store and landscaped outdoor space. 

The acquisition brings CIM Group's Northern Virginia portfolio to more than 2,400 apartments, including the 1,180-unit Mason at Van Dorn community. The Los Angeles-based developer also announced Monday it is partnering with Carr Cos. on the redevelopment of the former Crowne Plaza Hotel in Old Town Alexandria into a 122-unit condo tower.