CIM Group 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, Va.
The buildings were originally constructed in 1971 and feature a total of 939-units with an array of amenities in more than 1 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.
The firm also begun the redevelopment of the 12-story, former Crowne Plaza Hotel located at 901 N. Fairfax in Old Town Alexandria into a 13-story, 122-unit upscale residential condominium tower. As part of the transformation of this Potomac River waterfront property, an adjacent surface parking lot will be developed to bring 41 new townhomes, and a signature performing arts theater will be featured at the base of the tower. CIM and Carr Companies acquired the property earlier this year and are co-developing the project.
The condominiums will feature high-end finishes and floor-to-ceiling glass facades, taking advantage of the views from the building’s location on the Potomac River. Panoramic views of the River and Montgomery Park can also be enjoyed from the new 13th floor penthouse clubroom and the rooftop deck.
In addition to the many on-site community gathering and recreation spaces including the fitness center, 901 N. Fairfax is adjacent to the Mount Vernon Trail, which connects George Washington’s Mount Vernon to Theodore Roosevelt Island, providing future residents with walking and biking at their doorstep. Shopping, dining and entertainment options are located just a few blocks away on King Street lined with independent galleries, stylish boutiques and national retailers within a colonial waterfront setting.
901 N. Fairfax is easily accessible from key highways, with direct access from the George Washington Memorial Parkway, Route 1, and is near the Capitol Beltway (I-495). The property is also situated less than a mile from the Braddock Road Metro Station and five blocks from the Potomac River Boat Company Water Taxi, which provides access to Georgetown, National Harbor, and the Wharf. Situated four miles south of Reagan National Airport, future residents will have convenient access to all major transportation hubs. The property is approximately three miles from National Landing, the future site of Amazon’s HQ2.
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.
