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CIM Group Buys 1,180-Unit EOS Twenty-One Apt. Complex in Arlington

Longtime D.C.-Area Investor Out of Los Angeles Adds +1 Million-SF Community to Holdings
December 7, 2017
One of the largest apartment communities in Northern Virginia has traded hands after Los Angeles-based CIM Group struck a deal with fellow Los Angeles-based firm Ares Management (NYSE: ARES) to acquire EOS Twenty-One in Alexandria for $227.75 million, or approximately $193,000 per unit.

The massive 1,180-unit multi-housing complex was constructed in phases in 1968 and 1972 in the Van Dorn Corridor next to the soon-to-be-renovated Landmark Center Mall at 140 S. Van Dorn St.

Renovated in 2012, the 1.2 million-square-foot community offers one- and two-bedroom floorplans, averaging 762 square feet, in 14 four- and five-story buildings. On-site amenities include a recently renovated clubhouse with a game room, business center, theatre room and fitness center, as well as two swimming pools, a new grilling and picnic area, four tennis courts and on-site daycare.

Ares Management paid $192 million back in late 2011 to acquire the well-located workforce-housing complex, which sits on a 30-acre site just off I-395 inside the Beltway and one mile north of the Van Dorn Metro Station. Ross Management Services, an affiliate of Bethesda, MD-based Ross Cos., has been managing the complex.

An investor in the Washington, D.C. metropolitan area for more than 15 years, CIM's latest acquisition expands an area portfolio that also includes the Park Place at Van Dorn apartments, Rockville Town Center, Waterview Rosslyn, City Vista, 370 L’Enfant, and 800 N. Capitol.

Walter Coker, Brian Crivella, Roland Merchant and Matthew Lawton of HFF brokered the disposition on behalf of Ares Management.

For more information on the transaction, please see CoStar Comp #4071091.
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