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NEW YORK CITY-CIM Group is closing out 2013 with its first big Manhattan multifamily acquisition this year, buying Lands End II at 265-275 Cherry St., a two-building subsidized housing property on the Lower East Side. The seller and price were not disclosed; industry data indicate the asset was bought from a joint venture of AREA Property Partners and Pembroke Real Estate for $279.2 million, or $569,710 per unit. Beech Street Capital arranged $175 million in Fannie Mae financing, according to industry data.

Built in 1979, Lands End II consists of 449,000 rentable square feet, with 490 Section 8 units spread across 26 floors. CIM partnered with L+M Development Partners through its preservation platform with Citi Community Capital in the acquisition, and intends to ensure that the property maintains its designation under the Section 8 program. The property last changed hands in August 2008, when it sold to the AREA/Pembroke partnership for $170.8 million.

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