Vistas of Annandale

With broad expertise, local relationships and a vertically integrated platform, CIM is well-positioned to capitalize on opportunities to help drive value. In 2022, CIM acquired Vistas of Annandale, a strategically situated 1970s-era multifamily community offering several avenues for value creation.

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Our in-house team collaborated on a strategic enhancement program that modernized living spaces, created an elevated resident experience, and increased net operating income – all while maintaining relative affordability for renters in Northern Virginia’s growing, supply-constrained market.

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Prime location in a thriving market
A garden apartment and townhome community spanning 1,065 units, Vistas of Annandale occupies a prime location in Fairfax County with convenient access to the Capital Beltway (I-495) and major employment centers in Arlington, Alexandria, and Tysons.

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High-paying jobs in technology, defense, and government undergird Northern Virginia’s diversified economy. While the federal government and associated contractors have historically represented the bulk of area employment, private sector growth has accelerated in fields like cybersecurity and defense tech, reducing reliance on federal jobs.

Value creation through common area and unit renovations
Before purchasing Vistas of Annandale, we identified an opportunity to create value by modernizing this large, well-located asset, which we believe was operating below its potential.  Upon acquisition, we implemented an improvement plan encompassing a range of updates to apartment interiors and community spaces.

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• Interior Upgrades: Inside the residences, our team maximized living spaces by converting dining rooms into additional bedrooms, replacing outdated flooring, updating kitchens with new cabinetry and countertops, installing energy-efficient appliances, and modernizing bathrooms.
• Community Amenities: Community enhancements included a complete remodel of resident lounges, a new fitness center and clubhouse, and refreshed pool and outdoor spaces. Enhanced security systems and updated lighting improved safety and aesthetics.
• Operational Enhancements: Our team implemented cost-effective upgrades that would also reduce long-term operating costs, including LED lighting in common areas, low-flow plumbing fixtures, and modern HVAC systems in renovated units to improve energy efficiency. We were also able to reduce expenses through bulk procurement of materials.

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By executing renovations in phases, we minimized disruption to residents and maintained occupancy. The improvements justified rent increases and led to a boost in the property’s net operating income. Additionally, strong revenue growth enabled us to reduce the property’s bad debt expense by over 90%.

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A significant improvement in the property’s Google ratings, from under 3.0 at acquisition to 4.0 as of May 2025, indicates increased resident satisfaction. Despite higher rents, Vistas of Annandale remains attractive to area renters because it delivers modern features at a price below new luxury construction.

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Part of a broader regional strategy
Vistas of Annandale is just one component of CIM’s broader Northern Virginia strategy. With approximately 6,000 units in the region, CIM accesses meaningful operational efficiencies through shared staffing across management and leasing and cross-marketing opportunities between properties.

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Other significant assets in our Northern Virginia portfolio include Skyline Towers in Falls Church and Park Place at Van Dorn in Alexandria.

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Ongoing value creation
While major renovations are now complete at Vistas of Annandale, we maintain a focus on value creation through:

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• Continued renovations when renters move out
• Refining amenities to meet evolving resident preferences
• Repurposing additional spaces to enhance the resident experience

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Vistas of Annandale further illustrates CIM’s commitment to creating value and enhancing communities, leveraging our in-house expertise.

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By repositioning and actively managing the property, we achieved significantly higher rents, occupancy, and net operating income while offering quality housing that supports the needs of a growing Northern Virginia workforce.