LOS ANGELES—March 18, 2010—CIM Group announced today that it has acquired four Class A apartment communities in Texas, totaling 820 units, from Gables Residential Corporation. The acquisition of these multi-family complexes marks CIM's entrance into the Dallas and Houston markets. The properties are located in communities identified by CIM as possessing the attributes that fit with the firm's urban investment strategy, which focuses on districts positioned for economic expansion that also have solid infrastructure and transportation networks.
The Dallas properties are located in the city's Uptown area, and consist of the 103-unit community at 3636 McKinney, the 75-unit West Village community, and the 334-unit Knoxbridge community. Uptown is a popular urban district featuring a wealth of shopping, dining, and entertainment options.
The recently completed 308-unit Memorial Hills community in Houston is located near two of Houston's largest business districts and adjacent to River Oaks, one of the area's most desirable neighborhoods.
Gables Residential will remain involved in the management of the properties. Gables is widely regarded as one of the nation's leading developers and managers of multi-family properties.
These acquisitions expand CIM's holdings in Texas, which include the 16-acre Penn Field mixed-use property in Austin, comprised of office, warehouse and restaurant uses as well as the Austin Playhouse theater.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic, transitional and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in the Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
About Gables Residential
Gables Residential is a privately held REIT owned by a closed-end fund managed by a joint venture between ING Clarion and Lehman Brothers. With a mission of Taking Care of the Way People Live, Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. Gables Residential owns, develops and manages multi-family communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California, and metropolitan Washington, D.C. Additionally, it has third-party management operations in the Chicago, New York, Phoenix, Central and North Florida, and Washington State markets. Gables Residential enjoys a healthy portfolio with approximately 38,000 apartment homes under management, including a corporate-owned portfolio of 57 communities comprising approximately 14,500 apartment homes. An additional 6 communities are under construction/lease-up, comprising approximately 1,400 apartment homes. Gables also has the ability to develop another 4,000 apartment homes through its shadow pipeline of undeveloped land owned. For more information please visit www.gables.com