CIM Group Buys Four Apartment Properties for $113M

DALLAS-CIM Group Inc. has expanded its presence in the Lone Star State, investing $113 million in three apartment communities here and one in Houston. The Los Angeles-based investor, which focuses on urban infill properties, acquired the assets from Atlanta-based Gables Residential in an off-market transaction, according to Peter Sherman, founding principal of Multi-Housing Capital Advisors Inc.

Sherman and his team of Curtis Palmer, Andy Sands and Herb Chase acted as the exclusive broker in the deal, which is one of the largest acquisitions to close in Texas to date. Sherman tells GlobeSt.com that CIM Group funded the acquisition in 100% cash through one of its funds.

Located in the Uptown area, the Dallas properties consist of: the 103-unit community located at 3636 McKinney Ave.; the 75-unit West Village community located at 3839 McKinney Ave.; and the 334-unit Knoxbridge community located at 4649 Cole Ave. All three Dallas properties were stabilized, Sherman says.