CIM Group Sells Recently Completed 153-unit Apartment Building in West Los Angeles
LOS ANGELES--CIM Group announced today the sale of a 153-unit, five-story apartment building with approximately 15,000 square feet of ground floor retail and 308 spaces of subterranean parking in West Los Angeles. The recently completed building has a central location, at 1500 S. Granville Avenue on the south side of Santa Monica Boulevard, an active corridor with public transportation, shops and dining.
The building features a contemporary architectural design and offers a mix of studio, one-bedroom, two-bedroom and live-work unit floorplans with 16 units set aside as affordable. Residents have a variety of indoor and outdoor gathering spaces available for co-working, recreation and socialization that are among the most sought-after property amenities.
Earlier this year, CIM Group sold the adjacent 147-unit apartment community, Elevate, completed in summer 2019, with approximately 39,000 square feet of ground floor retail space that CIM leased to community-serving retailers including Target, Health Spot pet store and AKT Fitness studio. Additionally, The Westgate Collection, three, four-story buildings with a total of 37 apartment homes on parcels to the south of Elevate which were completed in 2017, were also included in the sale.
For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and creating dynamic environments throughout Los Angeles as well as throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.