CIM Group Adds to Northern Virginia Multifamily Portfolio With Acquisition of 2,346-unit Property in Alexandria

First Time Northern Virginia’s Largest Multi-family Asset Changes Ownership

ALEXANDRIA, Va.--(BUSINESS WIRE)--CIM Group announced today that it has acquired Southern Towers, a 2,346-unit multi-family property comprised of five 16-story high-rise apartment buildings located at 4901 – 5055 Seminary Road in Alexandria, Virginia. The buildings, totaling almost two million square feet, were constructed between 1961 and 1965, with one building renovated in 2015. This acquisition further expands CIM’s residential portfolio in the greater Washington, D.C. area to more than 5,500 units.

The five residential towers are situated across 40.5 acres featuring a variety of outdoor amenities including two large swimming pools, tennis courts, and a playground set in a parklike setting. Indoor amenities include a fitness center in each building, a community room and a business center. Units range from studios to three-bedrooms in a variety of floor plans.

Completing this transaction at this time relied on the experience of CIM’s Investments, Real Assets Services, and Capital Markets teams efficiently managing the acquisition process. CIM will continue to work with community and city leaders to maintain the prominence of Southern Towers for the Alexandria community.

Southern Towers is conveniently located in North Virginia with direct access to Interstate 395 and a short drive to Crystal City, Pentagon City, Arlington, Falls Church, Fairfax, Springfield, Tyson’s Corner and Washington D.C. The property is six miles from Amazon’s HQ2, Washington D.C.’s Ronald Reagan Airport and eight miles from downtown D.C.

CIM has been an active owner, developer, and operator in the greater Washington, D.C. area for more than 15 years. CIM’s greater Washington, D.C. portfolio, has included office, hotel, and residential properties. In Alexandria, CIM currently owns and operates Skyline Towers, a 939-unit residential community, Mason at Van Dorn, a 1,180-unit residential community, and Park Place at Van Dorn, a 285-unit residential community. CIM is currently converting the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax into 119 residential condominiums and 41 townhomes.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com