Sale Transactions for the Remaining 12 Buildings in Process
SAN FRANCISCO–CIM Group announced today that it has completed the sale of 10 San Francisco apartment properties to multiple buyers. The properties are part of a 22-building, 418-unit portfolio the company acquired in June 2009. CIM is proceeding with the sale of the remaining 12 properties in the portfolio.
CIM acquired the apartment portfolio through a deed in lieu of foreclosure transaction. The properties span the geographic and demographic diversity of the City of San Francisco and, as is typical of this market, have high occupancies. CIM has applied its investment and management model to enhance the properties and increase the value of the portfolio. The San Francisco Bay Area is one of the strongest commercial real estate markets in the country and a top target for investors.
CIM identified the Greater Bay Area as possessing the attributes that fit its investment model, which focuses on established and emerging urban areas with solid infrastructure and transportation networks. CIM Group has investments in a variety of commercial properties in the Bay Area including approximately 1.7 million square feet of office properties and two hotels in Oakland.
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