Pacific Urban Investors Pays $114M for NoVA Multifamily Complex
Seller CIM Group traded a separate multifamily community in the area last year for about $225 million
By Nick Trombola December 9, 2025 2:57 pm
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Christmas came early for Pacific Urban Investors, but on the opposite side of the country from its eponymous home turf.
Multifamily properties in Northern Virginia are among the hottest real estate assets in the DMV (which is saying something), and the Palo Alto, Calif.-based firm is just the latest to get its hands on one.
Pacific Urban paid $114 million for the 285-unit Park Place at Van Dorn in Alexandria, Va., according to Fairfax County property records. CIM Group was the seller, having purchased the property as part of a multi-parcel deal in 2003 for $60.5 million, records show. The price works out to $400,000 per unit.
“Park Place represents a continuation of our strategy to invest in well-located multifamily communities that offer strong connectivity, livability and enduring fundamentals,” Matt Lederer, Pacific Urban’s vice president of investments, said in a statement. “The property’s commuter-oriented location, proximity to a diverse and substantial employment base and amenities, and institutional-quality physical plant position it for durable performance across cycles.”
The property at 6001 Archstone Way, less than one mile southwest of the Van Dorn Metro station, is Pacific Urban’s fourth acquisition in the mid-Atlantic. Yet the deal is also the second major disposition for CIM Group in the area in the past two years. In early 2024, the Los Angeles-based seller traded its 1,180-unit Mason at Van Dorn, about two miles north of Park Place, to Shoreham Capital for about $225 million.
“The mid-Atlantic offers a cap rate discount as compared to many of our other markets, shifting a greater attribution of return to cash flow and less reliance on market or manufactured rent growth,” John Fluke, Pacific Urban’s managing director, explained in a statement.
CIM Group is far from the only firm landing nine-figure trades for Virginia multifamily complexes lately. Just last month, BXP reportedly reached a $240 million deal with Sterling Investors and Simpson Housing for Signature, a 508-unit community at BXP’s Reston Town Center. In late August, Greystar sold the 454-unit Ashton at Dulles Corner to Bozzuto and Invesco Real Estate for $147 million. The deal was Bozzuto’s first multifamily acquisition in 16 years.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
