LOS ANGELES, CA - CIM Group announced 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.
Source: CIM Group