CIM Group has closed on one of the biggest multifamily deals the Northern Virginia market has ever seen. The investment firm paid $506 million for the 2,311-unit Southern Towers in Alexandria, just outside Washington, D.C., according to Bisnow. CIM bought the five-building, 60-year-old complex from its original developers and owners, Snell Properties and Caruthers Properties. While a recent report showed commercial real estate transaction volume down 69 percent to $14 billion in July — year-over-year The post CIM’s $500M multifamily buy in Northern Virginia among priciest ever appeared first on The Real Deal New York.