CMCT has plans to acquire or has already acquired 696 apartment units across three assets in California.
It intends to acquire an interest in the 75-unit Parkview Apartments located at 1902 Park Avenue in the Echo Park neighborhood of Los Angeles. The transaction is anticipated to close in mid-February. Parkview Apartments is located adjacent to 1910 W. Sunset Blvd., an eight-story creative office property that was acquired by CMCT in February 2022.
In Oakland, CMCT is under contract to acquire Eleven Fifty Clay, at 1150 Clay Street, a 16-story apartment building offering 288 market-rate residences. The acquisition is anticipated to close in late March. CMCT also closed on the acquisition of Channel House, a 333-unit, eight-story apartment building at 40 Harrison Street.
CMCT has pipeline of multifamily development opportunities of over 1,500 units. CMCT intends to make property level equity investments alongside co-investors. Using this asset-light approach, CMCT will earn fee income and potentially a percentage of profits.