CIM Group Acquires First New Apartment Building At The Walter Reed Redevelopment

The first new apartment building at D.C.’s 66-acre Parks at Walter Reed development has sold ahead of its delivery. 
CIM Group announced Wednesday it acquired The Vale, a 301-unit apartment building at the development that is in the final stages of construction and plans to launch leasing soon. 
The investor didn’t disclose the price, and the deed hasn’t yet posted in public records. But financing documents posted Wednesday in the D.C. Recorder of Deeds show CIM obtained a $71M acquisition loan from Athene Annuity and Life Co. 
A joint venture of Hines, Urban Atlantic and Triden Development broke ground on the apartment building in 2019 alongside The Brooks, an 89-unit condo building. The…

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