CIM Group Sells Elevate - Apartment Residences in West Los Angeles

Collection of three adjacent four-story apartment buildings also sold

LOS ANGELES--(BUSINESS WIRE)--CIM Group today announced the sale of Elevate, a four-story 147-unit apartment and retail building located at 1515 S. Granville Avenue at the south west intersection of Santa Monica Boulevard in West Los Angeles. CIM completed the construction of the building on the site of a former auto dealership in summer 2019. Also included in the sale was The Westgate Collection, three smaller, four-story buildings with a total of 37 apartment homes on parcels to the south of Elevate.

Elevate features a modern architectural design with modulated roof heights and façade highlights. Apartments range from studios, one- and two-bedroom floorplans to three live/work spaces. 16 of the apartments are designated as affordable units.

Residents began occupying Elevate last year and enjoy multiple indoor and outdoor gathering areas including a clubhouse and game room, pool deck, outdoor terraces and lounge as well as a gym and co-working space. Community-serving retail including Target, Healthy Spot pet store, and an AKT Fitness studio occupy a significant portion of the approximately 42,000-square-foot ground floor space. Subterranean parking serves the residents and retailers.

The Westgate Collection is comprised of three buildings with modern one-, two- and three- bedroom residences, most having balconies. The Westgate Collection completed in 2017 features a landscaped courtyard and a rooftop lounge with a fireplace and sundeck.

For more than 25 years, CIM Group has utilized its broad expertise of owning, developing, repositioning, and operating real estate assets to transform communities and create dynamic environments throughout Los Angeles as it does throughout the Americas.

ABOUT CIM GROUP

CIM is a community-focused real estate and infrastructure owner, operator, lender, and developer. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.