CIM Group’s plan for 78-key hotel is latest project in West Adams

The private equity fund's newest development would be near 2 other projects

Los Angeles /
Jun.June 19, 2018 02:00 PM
2545 S. Mansfield Avenue and CIM Principal Shaul Kuba

CIM Group is bullish on the West Adams corridor.

A couple of months after securing a construction permit for a live/work complex on South Western Avenue, the private equity fund is filing for a 78-key hotel a few miles away at 2545 S. Mansfield Avenue.

The five-story building would total just over 48,000 square feet and include a ground floor restaurant and below-grade parking, according to city documents.

CIM picked up the Mansfield Avenue site, now a truck parking lot, for $3.7 million in April 2017. It’s about three miles from its live/work project and closer to two smaller properties CIM Group owns in another area of West Adams.

CIM is building a 10-unit garden apartment complex at 5135 W. Adams Boulevard, a few blocks from the South Mansfield Avenue hotel site, and it purchased a warehouse site at 5211 W. Adams Boulevard in April for $2.9 million. The company has not disclosed plans for that location, which it purchased from David Pourbaba’s 4D Development and Investment.

4D Development is planning its own 115-unit mixed-use project on a vacant site between those two projects, at 5181 W. Adams Boulevard. That’s three confirmed projects either underway or in the planning stages along that short stretch.

While West Adams itself is better known for its Victorian-era homes and as a historically wealthy black neighborhood, it could see more multifamily investment from developers looking to appeal to younger renters who want to be close to Culver City, real estate pros have said.


Related Articles

arrow_forward_ios
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps)
Housing project for homeless vets gets pushback
Housing project for homeless vets gets pushback
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...