Los Angeles-based CIM Group is expanding its residential portfolio in the Washington, D.C., metro area with the acquisition of the 2,346-unit Southern Towers in Alexandria, Va.
This is the first time Northern Virginia’s largest multifamily asset is changing ownership, with CIM purchasing it for a reported $506 million from Snell Properties and Caruthers Properties. The property went on the market in February, and the transaction was brokered by CBRE.
According to CIM Group—an active owner, developer, and operator—it relied on the experience of its investments, real assets services, and capital markets teams to manage the acquisition process. It will continue to work with community and city leaders to maintain the prominence of the multifamily property in Alexandria.
Situated on 40.5 acres, the property includes five 16-story high-rise buildings, which were constructed between 1961 and 1965, with one tower being renovated in 2015. The towers include The Ashlawn, The Graham, Monticello, The Sherwood, and The Stratford. Units range from studios to three-bedrooms in a variety of floor plans. Indoor amenities include a fitness center in each building, a community room, and a business center. Outdoors, residents have access to two large swimming pools, tennis courts, grilling areas, and a playground in a park-like setting.
Southern Towers is conveniently located 6 miles from Amazon’s HQ2 and Reagan National Airport and 8 miles from downtown Washington, D.C.
CIM has been active in the greater Washington, D.C., area for more than 15 years, with a portfolio including office, hotel, and residential properties. This acquisition expand its residential portfolio to more than 5,500 units. In Alexandria, it owns and operates the 939-unit Skyline Towers, the 1,180-unit Mason at Van Dorn, and the 285-unit Park Place at Van Dorn. In addition, it’s converting the former Crowne Plaza Hotel Alexandria into 119 residential condos and 41 townhomes.