CIM Group has acquired The Vale at The Park, the first newly constructed multifamily building at The Parks at Walter Reed, a 66-acre, mixed-use master-planned redevelopment of the former Walter Reed Army Medical Center in Washington, D.C.
The Vale was developed by a joint venture between Hines, Urban Atlantic, and Triden Development, who are also responsible for the full master-plan project. The community offers a mix of studio and one- to three-bedroom apartments, with residential amenities including a fitness center, an indoor/outdoor yoga studio, a clubroom, bike parking, a courtyard with cabanas, and a saltwater pool. Early education and childcare center Primrose Schools has leased over 16,000 square feet of The Vale’s commercial space.
At full build-out, The Parks will cover approximately 3.1 million square feet of new development, including retail, office, medical, and education uses; creative and cultural uses; and a hotel/conference center. Residences will include over 2,200 condominiums, townhomes, and apartments. The Parks is five blocks from the Takoma Red Line Metro Station and located a short drive from numerous regional job centers, including Bethesda and Silver Spring, Maryland.
“The Vale brings new residences to a vital metropolitan area served by public transportation and close to business centers and services, attributes that align with CIM Group’s community focus,” says Shaul Kuba, co-founder and principal of CIM Group. “In addition, The Vale is well-located in a mixed-use, historic redevelopment that is designed to create a walkable environment, with abundant outdoor community spaces and a variety of new commercial uses, which we believe is an appealing environment that will be attractive to residents.”