HOLLYWOOD — April 25, 2011 – CIM Group announced today the groundbreaking of 1800 Whitley, marking the beginning of construction on a five-story, 32-unit, 32,553 square-foot, boutique luxury residential development. CIM executives and local business, community and government leaders gathered for the event at the site, located just steps from Hollywood Boulevard.
The $20 million development, designed by Van Tilburg, Banvard & Soderbergh, will offer boutique luxury apartments built to Class A condominium standards. The residences feature floor to ceiling windows, commercial-grade kitchen appliances, in-unit washers and dryers, as well as other stylish appointments and premier finishes. Ground floor residences facing the interior will have patios opening on to lush gardens, and upper level units will have balconies with expansive views of Hollywood. In addition, the building has other premier amenities including a courtyard pool, full-sized gym and a lounge area as well as one level of above-grade parking with an additional level underground.
Located at the northeast corner of Whitley and Yucca and one block north of Hollywood Boulevard, 1800 Whitley is in the heart of a mature neighborhood of multifamily dwellings and is walking distance to some of the area’s most popular shops, restaurants and entertainment venues.
"This beautiful complex will be a landmark gateway to the new Hollywood, embodying its thriving energy. 1800 Whitley Avenue is a prime location, a great address ... and I wish you success," said Los Angeles City Councilman Tom LaBonge.
CIM Group acquired the 1800 Whitley property in the Fall 2010, and construction is expected to be completed by Summer 2012. In 1998, CIM Group identified Hollywood as an emerging urban district that meets the firm’s strategic investment guidelines. Since then, it has acquired and developed a portfolio of properties that include office, hotel, retail, multifamily residential and mixed-use properties.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, San Francisco, Bethesda, and New York. CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas, Stabilized/Core or well-positioned operating properties in transitional districts, and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit cimgroup.com.
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