CIM Group has closed on one of the biggest multifamily deals the Northern Virginia market has ever seen. The investment firm paid $506 million for the 2,311-unit Southern Towers in Alexandria, just outside Washington, D.C., according to Bisnow. CIM bought the five-building, 60-year-old complex from its original developers and owners, Snell Properties and Caruthers Properties. While a recent report showed commercial real estate transaction volume down 69 percent to $14 billion in July — year-over-year
source https://therealdeal.com/2020/08/30/cims-500m-multifamily-buy-in-northern-virginia-among-priciest-ever/
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