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CIM Group Sheds DC Apartment Building With 13% Haircut
Bernstein Development President Edward Chaglassian. Bernstein Management
An affiliate of Bernstein Development is getting in on the fun in Washington, D.C.’s Adams Morgan neighborhood — and at a nice discount, too.Â
The firm, itself a division of Bernstein Management, acquired the 276-unit building at 1629 Columbia Road NW for $64 million, according to the Business Journals. Adams Morgan, its 18th Street corridor in particular, is known as one of D.C.’s major nightlife zones. The building is also just down the street from this reporter’s former abode.Â
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The Bernstein affiliate secured a $35.5 million loan from Prudential Insurance Company of America for the purchase, per the Business Journals.
The deal was a hefty haircut for seller CIM Group, which purchased the eight-story, 100-year-old building, dubbed The Argonne, in 2013 for $73.6 million, per property records. The building has undergone a series of upgrades and modernization to its lobby, common areas, corridors and facade since CIM Group acquired it, per the company.
Representatives for CIM Group and Bernstein did not immediately respond to requests for comment.Â
CIM Group appears to be in the midst of divesting from several of its D.C.-area properties of late. The Los Angeles-based investor and developer in late March sold off a 1,180-unit multifamily community in Alexandria, Va., for $225 million. Berkadia arranged a $157 million Fannie Mae loan to buyers Shoreham Capital and Bridge Investment Group for the sprawling 30-acre property.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
1629 Columbia Road NW, Berkadia, Bridge Investment Group, CIM Group, fannie mae, Prudential Insurance Company of America, Shoreham Capital, The Argonne, Bernstein Development, Bernstein Management Corporation
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