CIM Group Adds to Northern Virginia Multifamily Portfolio With Acquisition of 939-Unit Property in Falls Church
ALEXANDRIA, Va.--CIM Group announced today that it has acquired Skyline Towers, two 26-story high-rise apartment buildings located at 5599 Seminary Road in the Bailey’s Crossroads submarket of Falls Church, Virginia.
The buildings were originally constructed in 1971 and feature a total of 939-units with an array of amenities in more than one million square feet of space. This acquisition brings CIM’s Northern Virginia multifamily portfolio to more than 2,400 apartment units, and more than 3,800 apartment units in the greater Washington D.C. area.
The two towers sit on 12.68 acres, surrounded by manicured grounds with mature trees and grassy areas, and are situated to the north and to the south of an expansive outdoor pool area. The community offers residents a 24-hour fitness center, game room, conference rooms, screening theater, on-site salon and convenience store.
Located in the Bailey Crossroads area of Fairfax County, the property directly borders Arlington and Alexandria counties and provides easy access to major area connectors including the I-395, the Capital Beltway, I-95, George Washington Parkway. Skyline Towers is located a short distance from the area’s major employment centers such as three miles from Downtown Arlington, five miles from Downtown Alexandria, six miles from Amazon’s HQ2, and is just six miles from Washington D.C.’s Ronald Reagan Airport.
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 Mason at Van Dorn, a 1,180-unit residential community, and Park Place at Van Dorn, a 285-unit residential community. CIM recently announced the start of construction to convert the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax into 122 residential condominiums and 41 townhomes.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.