CIM Group, a developer based in Mid-Wilshire, has paid $52.2 million for a 117-unit apartment complex in the fast growing City of Inglewood.
The firm acquired Sora, a new 5-story building at 417 Centinela Ave., from Tokyo-based Meldia Group, according to the Commercial Observer. The price of the market-rate development comes to about $446,000 per unit, well below recent deals around L.A. County for “workforce housing,” which typically involves public help on financing for buyers who agree to keep rents at set levels for middle-class tenants.
The newly completed complex has one- and two-bedroom units and features a swimming pool, fitness center and lounge.
It’s also not far from SoFi Stadium, home to the Rams and Chargers football teams, and the 300-acre Hollywood Park, site of plans that include 2,500 apartments, 900,000 square feet of shops and restaurants, 800,000 square feet of offices and 300-room luxury hotel.
The stadium will play host to the upcoming Super Bowl as well as the 2023 College Football Championship and the 2028 Summer Olympics.
The City of Inglewood is also home to The Forum, a live-entertainment venue primarily focused on music, and $1.8-billion arena planned for the Clippers basketball team.
CIM Group, a high-profile developer active in such projects as Hollywood & Highland, which it sold in 2019 for $325 million and has remained busy in the L.A. area and beyond.
In November, the company sold four data centers in Illinois, New York and Wyoming to a joint venture between Harrison Street Real Estate Capital and fifteenfortyseven Critical Systems Realty. The 560,000-square-foot data center portfolio changed hands for undisclosed terms.
In October, CIM Group leased seven soundstages at its production studios in West Hollywood to HBO and its streaming service HBO Max. Lease terms for 161,000 square feet of soundstage and production offices at The Lot @ Formosa studio were not disclosed.
It also remained active in South Los Angeles. While it sought approvals for a 74-unit, mixed-use apartment complex in West Adams, it also applied for a 168-unit mixed-use project nearby. It proposed a similar 346-unit, mixed-use development for Jefferson Park.
During the same month, it also said it was buying Cathedral Square, a three-building office campus 30 minutes outside London. It was the firm’s first deal in Western Europe, according to the Los Angeles Business Journal. Terms of the sale were not disclosed.