WASHINGTON, D.C.—September 12, 2013—CIM Group announced today that it has acquired a three-property apartment portfolio in Washington, D.C.’s Adams Morgan neighborhood. The properties include The Argonne, Harvard Village, and Park East Apartments and comprise of a total of 449 units.
Located at 1629 Columbia Road NW at 16th Street NW, The Argonne is an iconic eight-story, 276-unit apartment building with 88 surface parking spaces and ground floor retail. The building’s amenities include a swimming pool, fitness center, dry cleaning services, free WiFi in the lobby, and reserved parking.
Harvard Village and Park East Apartments are located adjacent to each other on Summit Place NW, just off Columbia Road, bordering the National Zoo and Rock Creek Park. These two properties are situated in a quiet wooded area within the vibrant Adams Morgan neighborhood. Harvard Village is comprised of two mid-rise buildings totaling 85 units ranging from studios to two-bedrooms, and features a patio, laundry facility, and 10 surface parking spaces. The Park East Apartments consists of a seven-story building and features 88 units ranging from studios to one-bedrooms. The property’s amenities include a fitness center, barbeque area, laundry facility, and 39 surface parking spaces.
The Adams Morgan neighborhood, located just north of Dupont Circle and southwest of Mount Pleasant and Columbia Heights, is a highly desirable, pedestrian-friendly and lively hub of popular restaurants, shops, galleries, nightlife, and entertainment venues. The neighborhood is conveniently accessible to two major Metro Stations—Woodley-Park Zoo/Adams Morgan and Columbia Heights - making it highly attractive to a broad mix of professionals, artists, and local entrepreneurs. Adams Morgan has been identified by CIM as a Qualified Community as it possesses the attributes that fit CIM's investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. CIM first invested in the Washington, D.C. Metro Area in 2003, and its investments include residential, office, retail, and mixed-use properties.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com