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, Virginia. CIM Group paid $506 million for the portfolio, CoStar reports.
The buildings, totaling almost two million square feet, were constructed between 1961 and 1965, with one building renovated in 2015. The five residential towers are situated across 40.5 acres featuring a variety of outdoor amenities including two large swimming pools, tennis courts, and a playground set in a parklike setting.
Southern Towers, the multifamily property, is conveniently located in North Virginia with direct access to Interstate 395 and a short drive to Crystal City, Pentagon City, Arlington, Falls Church, Fairfax, Springfield, Tyson’s Corner and Washington D.C. The property is six miles from Amazon’s HQ2, Washington D.C.’s Ronald Reagan Airport and eight miles from downtown D.C.