CIM Group Sells Ashton on West Dallas Apartment Community

HOUSTON--(BUSINESS WIRE)--CIM Group announced today that it has sold the 246-unit Ashton on West Dallas apartment community which it acquired from the developer upon its completion in 2013.

Ashton on West Dallas provides one- and two-bedroom residences in a four-story, garden-style building located at 1616 West Dallas Road in the Montrose District of Midtown Houston. The modern residences feature abundant floor-to-ceiling windows, wood floors, stone counters and in-unit washer and dryer. The community has an array of popular amenities including an expansive resort-style swimming pool, outdoor grilling stations, clubhouse, fitness center and dog park, and benefits from improvements such as new carpet throughout the common areas and a new access control system and gate.

“CIM Group identified Midtown Houston as an area that was evolving, fueled in part by a cultural resurgence with artists and galleries locating in the area as well as fresh restaurant concepts and an eclectic nightlife. There was insufficient new housing in the neighborhood for residents who wanted to live in this vibrant downtown district and with the Ashton on West Dallas we have provided a modern apartment community that has been well-received, maintaining high occupancy throughout our ownership and management,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

The Montrose District is a dynamic neighborhood that offers an eclectic mix of restaurants and cafes, galleries, nightclubs, and other entertainment options including popular nearby destinations such as Minute Maid Park and House of Blues. Ashton on West Dallas is conveniently located to the area’s regional freeway system providing easy access to downtown Houston and the region.

For more than 25 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.