Source: CIM Group / #Apartments #Multifamily
ANAHEIM, CA - CIM Group announced the sale of four apartment properties with ground-floor retail located in downtown Anaheim, the latest asset disposition from its substantial national portfolio of properties under management.
The four and five-story apartment buildings - Promenade Lofts, Doria Lofts, Carnegie Plaza and Broadway Arms - are comprised of a total of 276 units with approximately 27,000 square feet of ground floor retail. In 2006 through 2008, CIM developed these properties through a public/private partnership with the city of Anaheim as part of its efforts to create a vibrant, mixed-use downtown core.
“CIM recognized the need to bring more residential options and neighborhood amenities to Anaheim in order to serve the community. We applied our expertise in development, leasing and management to develop these desirable properties that have attracted residents as well as retail and restaurant destinations, and enhanced the downtown area,” said Shaul Kuba, Co-founder and Principal of CIM Group. “Using the depth of our in-house team we are also able to create real estate assets that have reliable and predictable income streams, sought-after by many domestic and global investors, and this has been demonstrated by the success we have had in selling a number of our retail, hotel, and multifamily assets since the beginning of the year.”
Since January, CIM has sold assets totaling 570 residential units, 419 hotel rooms and approximately 1,420,000 square feet of retail space, including the Anaheim properties.