SAN FRANCISCO--(BUSINESS WIRE)--CIM Group announced today that it has completed the sale of the remaining 12 San Francisco apartment properties that were part of a 22-building, 418-unit portfolio that the company acquired in June 2009 through a deed in lieu of foreclosure transaction. The company sold 10 of the properties in the portfolio in September and October 2012.
The completion of the sales of the properties to multiple buyers marks a successful close for CIM Group on this portfolio, located throughout San Francisco in economically diverse neighborhoods. CIM decided to make this investment in the San Francisco residential real estate market at a time when there was a rare opportunity to purchase residential properties in the historically tight rental market. The purchase was sourced through CIM’s off-market proprietary network. Over the past three years, CIM made substantial enhancements and renovations to many of the properties, which increased the value of the portfolio.
In 2001, CIM identified the Greater Bay Area as possessing the attributes that fit its investment discipline, a proven methodology that 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 Class A office properties and two hotels in Oakland.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.