LOS ANGELES - March 25, 2013 - CIM Group today announced that it has completed renovation of the former Gershwin Hotel into the Gershwin Apartments. The five-story building now consists of 163 modern units and 10,000 square feet of ground floor retail. Located at 5533 Hollywood Blvd., the Gershwin Apartments are steps from the Hollywood Western Metro Red Line subway station, providing easy access to the business centers and creative industry corridors located in downtown Los Angeles, Hollywood and North Hollywood.
The Gershwin Apartments has undergone a top-to-bottom renovation, including all new windows, electrical and mechanical systems, plumbing, flooring, fixtures, cabinetry and appliances as well as exterior painting and landscaping. The residential units were completely stripped and are now gleaming new contemporary apartments—105 efficiency studios with kitchenettes, 53 studios with full kitchens and five one-bedrooms plus den apartments. Residents have access to the building’s gym, business center and large lounge with flat screen television, WiFi internet connectivity and video game stations. Gershwin Apartments is an ideal choice for young creative, urban professionals who seek a vibrant, walkable neighborhood with many nearby amenities and access to public transportation.
CIM’s on-site property management team is actively leasing the units that will be available for occupancy in late March. The ground floor space is being actively marketed in order to bring additional neighborhood-serving retail to the area.
Headquartered in Hollywood, CIM is an investor in communities throughout North America and the largest commercial real estate owner in Hollywood. In 1998, CIM 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 there that include office, retail, hotel and multi-family residential properties.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic 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 and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com