WASHINGTON, DC – CIM Group announced that it has bought The Vale at The Parks, a newly constructed mixed-use development in Washington, D.C. consisting of 301 apartment residences, 18,269 square feet of ground floor commercial space and 316 parking stalls.
Located at 6800 Georgia Ave. NW, The Vale will be the first new construction multifamily rental building at The Parks at Walter Reed ( The Parks ), a 66-acre master-plotted, mixed-use redevelopment of the former Walter Reed Army Medical Center. The Vale was developed by a joint venture of Hines, Urban Atlantic, and Triden Development, the same team responsible for the redevelopment of The Parks.
The Vale brings new residences to a vital metropolitan area served by public transportation and close to business centers and services, attributes that align with CIM Group s community focus, said Shaul Kuba, Co-Founder and Principal of CIM Group. In addition, The Vale is well-located in a mixed-use, historic redevelopment that is designed to make a walkable environment, with abundant outdoor community spaces and a variety of new commercial uses which we believe is an appealing environment that will be attractive to residents.
The Vale offers a mix of studio, one-, two-, and three-bedroom apartments. Residents will have access to an array of amenities including a fitness center, indoor/outdoor yoga studio, a club room, secure bike parking, a courtyard with cabanas, and a saltwater pool. Primrose Schools, an accredited early education and childcare center, has leased 16,576 square feet of commercial space at The Vale.
At full build-out, The Parks will feature approximately 3.1 million square feet of new construction, including a plotted 190,000 square feet of retail, 325,000 square feet of office, medical, and educational uses, 20,000 square feet of creative and cultural uses, and a hotel/conference center. Residential options will include more than 2,200 distinctive condominiums, townhomes, and apartments. The master plot contains 20 acres of open space. Campus neighbors include Children s National Health System, which is making a pediatric research and innovation campus, and the U.S. Department of State s Foreign Mission Center development, an international community of consulates from 10 to 18 countries.
Located adjacent to Rock Creek Park, in D.C. s Shepard Park neighborhood, The Parks is five blocks from the Takoma Red Line Metro Station, and a small drive from regional job centers, providing simple access to Silver Spring, Downtown D.C., Bethesda, and the Baltimore metropolitan region.
CIM has been an active owner, developer, and operator in the greater Washington, D.C. area for more than 15 years, and has developed or operated more than 5,400 residential units in the greater Washington, D.C. area, as well as office and hotel properties. Since its founding in 1994, CIM has made a commitment to enhance its properties by increasing sustainability, efficiency, and quality for tenants, residents, and visitors as well as enhancing the character and value of the communities.

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SAN JOSE, CA – Urban Catalyst, Silicon Valley’s premier Opportunity Zone Fund, announced it has submitted its Site Development Permit and Vesting Tentative Tract Map for its Icon/Echo project, slated to bring new office space and residential units to downtown San Jose.
Located at 147 E Santa Clara Street in the heart of downtown, Icon/Echo will make more than 300 multifamily apartment units and 420,000 square feet of Class-A office space. The development encompasses about two acres of land and is catty-corner with City Hall and within one block of a future BART station. The two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as state-of-the-art interior common areas.
The transit-oriented development is part of the federal Opportunity Zone tax relief program, and Urban Catalyst–a Qualified Opportunity Zone Fund–is currently accepting investments for the project.
Building high-density development near transit is Urban Plotting 101, said Erik Hayden, Founder and CEO of Urban Catalyst. This project is located on Santa Clara Street, the main drag of the central business district. Once completed, this community could be home to more than 500 residents and over 2,000 employees.
In addition to this key milestone, Urban Catalyst has completed the conforming rezone process for the project to align with the City s General Plot, and has received approval of the initial Tentative Map for the project land. Urban Catalyst has bought two of the four parcels needed for the development and is under contract to buy the remaining two.
The Icon/Echo development will complete the key intersection of 4th & Santa Clara Street, while breathing new life to Saint James Park for a truly balanced work/life environment, said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst.
The project is being designed by WRNS Architecture in coordination with Studio Current, and once completed, will be managed by Greystar, one of the largest apartment and commercial operators in the United States.

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PHOENIX, AZ – Real estate development firm Hubbard Street Group and capital partner Cresset Real Estate Partners broke ground on a new multifamily project in Phoenix. Located on the Southeast corner of 6th Street and Garfield Street in the Roosevelt Row Arts District, the new Skye on 6th development will feature 309 units spanning 26 floors with approximately 6,500 square feet of ground floor retail. The project will be LEED certified and is expected to be completed by Summer 2023.
We believe Skye on 6th will establish a new standard of modern luxury living in Phoenix with a wellness-focused approach, efficiently designed units and an expansive amenity offering located in the heart of the burgeoning Roosevelt Row Arts District and adjacent to the Phoenix Biomedical Campus, said Kage Brown, Managing Partner & Chief Investment Officer at Hubbard Street Group. We are extremely bullish on the Phoenix market and are excited to establish a local presence with Skye on 6th.
Phoenix is an incredible market and we re excited to break ground on this new project, said Avy Stein, Cresset s Founder and Co-Chairman. We ve been investing in opportunity zones since day one and Skye on 6th is something that caught our eye immediately. The area is rapidly transforming and attracting young renters from all over the country. It s located near several transportation hubs and is surrounded by a growing and diverse set of employers, from cutting edge medical facilities, to universities, to a large legal and financial services presence and an emerging tech community. We reckon Phoenix is a fantastic place to live and work with endless potential.

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