ALEXANDRIA, VA – CIM Group announced that it has bought Skyline Towers, two 26-tale 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 simple access to major area connectors including the I-395, the Capital Beltway, I-95, George Washington Parkway. Skyline Towers is located a small 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.

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OAK BROOK, IL – JVM Realty Corp., a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Maple & Main, a 115-unit luxury apartment community in Downers Grove, Ill. The company also announced it will close its JVM Realty Apartment Fund 7 and JVM Multi-Family Premier Fund III funds to investment by the end of the year. Combined, the funds are expected to raise more than $115 million.
“The acquisition of Maple & Main and the closing of these two funds mark an exciting end to a fantastic 2019 for our company,” said Jay Madary, president and CEO of JVM. “Maple & Main is an outstanding asset located in suburban Chicago, one of our target Midwestern markets, and I’m confident it will perform very well and deliver the targeted returns to our investors. It’s in a highly desirable location and has exactly the kinds of features and amenities that meet the high expectations of today’s apartment residents.”
Maple & Main was completed in 2018 and will be managed by JVM Management Inc. JVM now owns and operates five apartment communities in suburban Chicago.
Maple & Main is a transit-oriented development with a walk score of 88 – meaning “very walkable” – which is high for a suburban location. The community is located approximately 20 miles west of Chicago and is just two blocks from the Downers Grove Metra train station, where residents can take a 35-minute express train to downtown Chicago. Maple & Main also offers simple access to I-355 and I-88 and is less than 35 minutes from both of the major airports in metro Chicago.
Community amenities at Maple & Main include a fitness center, a yoga room, a rooftop sky lounge and terrace, a clubroom with an entertaining kitchen, work-from-home stations, a package room with refrigerated storage, a pet spa and a heated pool surrounded by a sun deck with gourmet grilling stations. The ground floor of the community also features The FoxTail, a 4,289-square-foot restaurant that will be open in January 2020. Owned by a local company with other nearby successful establishments, the restaurant will generate income that will add to the performance of the property and will provide another amenity for residents.
Maple & Main offers one-, two- and three-bedroom homes as well as studios. The units feature 9-foot ceilings, Whirlpool stainless steel appliances, quartz countertops, smart-home technology, plank flooring in all living areas, large walk-in closets and full-size washers and dryers. The homes also have private patios and balconies. Select homes have 14-foot ceilings.
Fund 7 and Premier Fund III are currently co-invested in five apartment communities. The properties include The Landing at Briarcliff in Kansas City, Mo., Summit Ridge Apartments in Lee’s Summit, Mo., Randall Highlands in North Aurora, Ill., Uptown La Grange in La Grange, Ill., and Maple & Main. The total acquisition cost of the five properties was $291.4 million.

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DURHAM, NC – Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, announced the acquisition of Exchange on Erwin, a Class A, high-quality mixed use property totaling 265 multifamily units and 96,949 RSF of commercial space in Durham, NC. The property was bought through an off-market transaction for approximately $111 million, excluding closing costs, from an affiliate of Ram Realty Advisors (“Ram”). The multifamily property was recently completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007.
The property benefits from its prime location directly across the street from Duke University, which is the largest employer in the Raleigh-Durham market, with nearly 40,000 employees. This provides its tenants with exceptional access to the University Health System buildings, including its world-renowned hospital. A substantial part of the multifamily units are leased to Duke University graduate students and the medical office space is 100% leased to various Duke University medical tenants. The Exchange on Erwin multifamily units were 99% occupied and the commercial space was 95% leased as of the acquisition date, resulting in overall occupancy of 98%.
In addition to its location directly adjacent to Duke University, Exchange on Erwin is near world-class medical facilities, within a strong biotech and innovation hub, and just 15 minutes from Research Triangle Park, which has 22.5 million sq ft. of office space and is home to 55,000 employees.
“We like Exchange on Erwin because is it uniquely positioned to benefit from a significant demand driver in Duke University that has been in-place for more than 125 years and continues to expand and strengthen,” said Mark Keatley, Managing Director of Acquisitions, Starwood Capital Group. “We believe this asset will allow SREIT to achieve strong, risk-adjusted cash yields from reliable and sustainable tenancy tied to the educational institution and healthcare industries.”
“Exchange on Erwin is another example of SREIT acquiring high-quality real estate in its targeted high-growth markets, which are benefitting from strong population and job growth,” said John McCarthy, CEO and President of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents, and values upward.”
Exchange on Erwin was originally bought by Ram in November 2015 on behalf of Ram Realty Partners III LP. Immediately following the acquisition, Ram designed, permitted and developed the 265 multifamily units as part of its strategy to make a vibrant mixed-use project. “We bought Exchange on Erwin largely as a result of our conviction about the quality of the location and the opportunity to improve the asset,” said Casey Cummings, CEO of Ram. “We are pleased that an institution like Starwood Capital Group believes as strongly in the property as we did when we launched our value-add strategy.”
“The sale of a high-quality property is always bittersweet but we are confident that SREIT will continue to be a excellent steward of the asset.”

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