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CIM Sells Adams Morgan Apt Building for $68M
CIM Group has sold The Argonne, a 276-unit apartment building in Washington, D.C., for $68 million. The building, constructed in 1923 and acquired by CIM in 2013, features studio to three-bedroom floorplans and offers amenities such as a swimming pool, fitness center, conference center, yoga room, and dog park. Terms of the sale were not disclosed.
Located at 1629 Columbia Rd. NW, the building is near the Columbia Heights Metro station. During CIM Group’s ownership, The Argonne underwent upgrades and modernization, including improvements to the lobby, common areas, corridors, and façade.
The Los Angeles-based real estate firm recently sold Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, VA., for $225 million. CIM has also proposed to convert a six-story South End office building into 91 apartments, seeking a tax break from the city for the project,
