Skyline Towers sold to CIM Group
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| Skyline Towers [Apartments.com] |
The CIM Group has acquired Skyline Towers, the real estate company announced Dec. 16. The 12.7-acre property in Bailey’s Crossroads consists of two 26-story high-rise apartment buildings with a total of 939 units.
The buildings were constructed in 1971. Amenities for residents include an outdoor swimming pool, 24-hour fitness center, game room, conference rooms, screening theater, salon, and convenience store.
The terms of the sale were not disclosed. The seller, Equity Residential, purchased the property in 2005 for $165 million, the Washington Business Journal reports.
Rents at Skyline Towers range from $1,200 for a studio to $2,247 for a three-bedroom apartment.
Related story: New owner plans big changes at Skyline Center
CIM’s portfolio includes more than $60 billion of projects – as owner or co-investor – in metropolitan communities across the Americas.
In Alexandria, the company owns and operates the 1,180-unit Mason at Van Dorn and 1,180-unit Park Place at Van Dorn residential properties. CIM recently began converting the former Crowne Plaza Hotel Alexandria into 122 residential condominiums and 41 townhomes.
Related story: Live/work concept proposed for Skyline office buildings
The Skyline Towers sale comes just a few weeks after Somera Road Inc. purchased the Skyline office complex for $125 million. There are plans to convert three of those buildings from offices to a live-work concept, whereby tenants can choose to use their units for living, working, or both.
No one wants this high rise ghetto. Wout mass transit this place cannot be sustained. Level it and start all over again. That would be the smart thing to do.
Scores of people who live in these towers are raising families, starting businesses, buying goods and services in the community, and taking care of their property. Do you even know anyone who lives in these towers? Have you ever been in one? It is true that the Annandale area has its share of apartments (and SFD's) that are not great, but these particular buildings are not high rise ghettos. 939 units with probably over 3,000 people living in them; yes, level them! Great idea!
high rise ghetto is an unfair characterization, but they are in poor condition. I live next door, there is trash piled to overflowing at the garbage containers. The online reviews of the property are bad, full of complaints about poor management. I am looking forward to new ownership making improvements
Remodel them entirely then double the rents. Enough with the 40 year old bargain basement housing and the problems that come with it.
Penny will encourage more section 8 housing. That would be the nail in the coffin to Mason. No mass transit as the above posts will ensure that Skyline continues to fail as a viable property.
Write Gerry Connolly and thank him for this wonderful gift of a ghetto. He was around when he let the proposed metro line falter.
With the Amazon HQ coming to town, remodel and raise rent may be the new owner's plan
Perhaps, but one would have to jet pack or hitch a ride on a drone to get over to Crystal City because Columbia pike will be backed up with traffic and impassible. This is what you get when you have imbeciles running the show.
I live next door to Skyline, I drive down 395 every morning it's not bad, 30 min or less to my office in Crystal city. Not every single person at Amazon HQ will be able to afford a fancy appartment in a chrome tower in C City, skyline area might be another option