CIM Group Adds to Northern Virginia Multifamily Portfolio with Acquisition of 2,346-Unit Southern Towers in Alexandria, Virginia

ALEXANDRIA, VA – CIM Group announced that it has bought Southern Towers, a 2,346-unit multi-family property comprised of five 16-tale high-rise apartment buildings located at 4901 – 5055 Seminary Road in Alexandria, Virginia. The buildings, totaling nearly two 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 featuring 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.
Completing this transaction at this time relied on the experience of CIM s Investments, Real Assets Services, and Capital Markets teams efficiently managing the acquisition process. CIM will continue to work with community and city leaders to maintain the prominence of Southern Towers for the Alexandria community.
Southern Towers is conveniently located in North Virginia with direct access to Interstate 395 and a small 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.
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 Skyline Towers, a 939-unit residential community, Mason at Van Dorn, a 1,180-unit residential community, and Park Place at Van Dorn, a 285-unit residential community. CIM is currently converting the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax into 119 residential condominiums and 41 townhomes.

Powered by WPeMatico

Vista Realty Partners and The Worthing Companies Announce Opening of Marketplace Vista Apartment Homes in Marietta, Georgia

MARIETTA, GA – Vista Realty Partners and The Worthing Companies announce the grand opening of Marketplace Vista Apartment Homes, the new apartment community located in the $120 million Connolly Development and Eden Rock Real Estate Partners development. Situated at the intersection of Powers Ferry and Terrell Mill Roads, Marketplace Vista luxury apartments define a large role in the transformation for this corridor and surrounding neighborhood. The community offers an extraordinary variety of amenities to enrich the lifestyle for new residents.
For floor plans, a full list of our amenities, and a full gallery, visit our website at marketplacevista.com.
The 298-unit community offers one- and two-bedroom apartment homes with direct access from both Powers Ferry and Terrell Mill roads, and features top amenities including an 8,500 sq. ft. clubroom with a gaming area, a yoga room, a state of the art fitness center, micro-offices, a pet spa and a putting green. Unit finishes include designer cabinetry, granite countertops, stainless steel appliances and in-wall high speed internet & media cabling. Marketplace Vista is also less than 10 minutes to I-75 and I-285 with simple access to Vinings and The Battery at Truist Park, which is home of the Atlanta Braves.
The Marketplace Terrell Mill development is the cornerstone of the neighborhood with a dynamic walkable mixed-use village. The center will include a 95,000 square foot Kroger superstore, Chick-fil-A and Panera Bread with more retail coming soon.
Vista Realty Partners has partnered with The Worthing Companies to manage the community. The Worthing Companies has over 34 years of experience in apartment community management and new lease-up communities; their five-star approach to customer service and commitment to making a high-end resident experience is the perfect match for the new Marketplace Vista.

Powered by WPeMatico

Linc Housing Partners with SIPA to Build Modern Mixed-Use Development with 63 New Supportive Apartments in Historic Filipinotown

LOS ANGELES, CA – Linc Housing has partnered with Search to Involve Pilipino Americans (SIPA) to build HiFi Collective, a new five-tale building that will feature 63 supportive housing units and one manager s unit as well as SIPA s offices, programming space, community cultural center, and the John Eric Swing Small Business Center. SIPA headquarters will occupy the entire first floor while upper levels will house private affordable housing apartments. The new studio apartment homes are for qualified families and individuals who have experienced homelessness.
“This permanent supportive housing project hits the mark on many levels: we’re providing 63 units of housing for the formerly homeless in the area; we are collaborating with a Filipino service organization with a long-standing commitment in the community; and we’re honoring John Eric Swing, whose positive contributions to Historic Filipinotown have left an indelible mark in the neighborhood, said Los Angeles City Councilmember Mitch O Farrell. I want to thank Linc Housing and Search to Involve Pilipino Americans for the collaboration with my office to bring this much needed amenity to residents in the 13th District.”
The site for HiFi Collective, 3200 West Temple Street in Los Angeles, is located at the western gateway to Historic Filipinotown (HiFi). In addition to making much needed affordable housing in the district, the project is envisioned as a cultural landmark for the developing HiFi district. HiFi Collective will transform SIPA s current office building into a dynamic, mixed-use structure with the 6,100-square-foot ground floor anchored by SIPA s new national headquarter offices.
In addition to SIPA offices, the new space will allow SIPA to expand its community programming. The ground floor will include a 2,700-sq-ft. multi-purpose space and professional grade kitchen, as well as the new John Eric Swing Small Business Center, featuring resources and incubator spaces for entrepreneurs and small business owners interested in working in HiFi or with the Fil-Am community. SIPA recently announced the John Eric Swing Small Business Center in honor of SIPA s executive director and beloved community leader who died of COVID-19 in June.
This vital redevelopment at SIPA has been several years in the making and marks the beginning of a turning point for Historic Filipinotown, said Jennifer Taylor, head of real estate, SIPA board of directors. We are grateful to all who have made this progress possible, including our partners at Linc, Mayor Garcetti, Councilman O Farrell, our Historic Filipinotown neighborhood, and the greater Filipino American community. Thank you for your continuing support of SIPA as we go forward in our goal to change lives for the better.
The new community will have 63 studio apartment homes and one two-bedroom manager s unit. The building s residents will have private access to several amenities, including a community room, computer lab, community kitchen, indoor bike parking, laundry, outdoor deck, and offices for supportive services. The location is convenient to public transportation, shopping, and other services.
With funding support from Los Angeles County, residents will receive intensive case management to help ensure they thrive. Supportive services will include mental health and physical health services, employment counseling and job placement, education, substance abuse counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources.
We do our best work when we know the community and the needs of the neighborhood, and our partnership with SIPA marries their deep community knowledge with LINC s expertise in affordable housing development, said Rebecca Clark, president and CEO, Linc Housing. SIPA s mission aligns with Linc s. We re both committed to improving neighborhoods and empowering people to make positive contributions to the community. We re excited to know that SIPA will be bringing the cultural community center to life for everyone in the neighborhood.
Funding for the development comes from a variety of sources including construction and permanent loans from Bank of America, $12.7 million in HHH Funds managed by the Housing + Community Investment Department of the City of Los Angeles (HCIDLA), $6.8 million from the Los Angeles County Development Authority (No Place Like Home funds), and tax credit equity from Raymond James. The project will receive rental subsidy from the Housing Authority of the City of Los Angeles. The California Endowment provided predevelopment support. The Los Angeles County Department of Health Services will provide funding for supportive services.
HiFi Collective was designed by D33 Design & Plotting, with cultural design by Synthesis Design + Architecture (SDA). It will be built by Walton Construction Inc. Construction of affordable housing has been designated an essential activity during the COVID-19 pandemic, and the construction team will follow recommended safety protocols to keep the job site safe. The development is due to be completed in early 2022. All supportive, affordable apartments will be filled through referrals from the County of Los Angeles Coordinated Entry System (CES).

Powered by WPeMatico