CIM Trades DC-Area Apartments for $225M
CIM Group said Friday it had sold Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, VA. The Washington Business Journal reported the sale to a partnership of Shoreham Capital and Bridge Investment Group Holdings at $225 million. CIM acquired the community in December 2017.
Over the course of its six-year ownership and management, CIM instituted a program of improvements to Mason at Van Dorn, which was built in 1972. Throughout CIM Group’s ownership, upgrades to the property’s communal areas and amenities, and as residences became vacant, they were renovated with new flooring, cabinetry, appliances, fixtures and lighting.
Mason at Van Dorn is located adjacent to WestEnd Alexandria, the redevelopment of the 52-acre former Landmark Mall which includes the future Inova Alexandria Hospital Campus. The property is four miles from Old Town Alexandria and a mile north of the Van Dorn Metro Station.
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