CIM Group Closes on Apartment Portfolio Sale
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SAN FRANCISCO-CIM Group 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, according to a prepared statement. The firm tells GlobeSt.com that it cannot release further details at this time.
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.
The San Francisco Bay Area is one of the strongest commercial real estate markets in the country and a top target for investors, says CIM. The firm 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.
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