CIM Group buys 2,346-unit property in Alexandria

CIM Group has acquired Southern Towers, a 2,346-unit multifamily property comprised of five 16-story high-rise apartment buildings located at 4901–5055 Seminary Road in Alexandria, Va. A sales price was not disclosed.

The buildings, totaling almost 2 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 and feature 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.