CIM Group Sells Montierra, 346-Unit Apartment Community in Houston

HOUSTON--(BUSINESS WIRE)--CIM Group announced today that it has sold Montierra, a 346-unit apartment community in the heart of Galleria/Uptown Houston district, which it acquired in 2013.

Located at 2345 Sage Rd., Montierra is a gated apartment community which provides one-, two-, and three-bedroom residences across nine four-story buildings, surrounding a five-story parking garage, set on 6.98 acres of land.

CIM Group has directed the investment of significant upgrades to the common areas and residences at Montierra, which was built in 2003. The modern apartment homes feature nine-foot high ceilings, granite countertops, spacious walk-in closets, and large Jacuzzi tubs. Montierra residents have access to a variety of amenities, including a clubhouse, business center, a HD theater room, a two-story fitness facility, lap pool, dry sauna, grill area, a coffee, tea, and cappuccino bar, and a two-story social room and library.

“At Montierra, our team applied its decades of experience in owning and operating apartment communities to create and implement a program of renovations and improvements that positions Montierra as one of the most appealing residential options in the dynamic Galleria/Uptown district,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Montierra is located within The Galleria and Uptown Park District, one of the largest business, retail and dining districts in the U.S. with the Galleria Mall—Texas’s largest shopping mall filled with many popular retailers and high-end boutiques—a quarter mile from the community. The property is located conveniently nearby the area’s regional freeway system providing easy access to downtown Houston and the greater region.

CIM Group recently completed the sale of the Ashton on West Dallas, a 246-unit apartment community in the Montrose District of Midtown Houston.

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.