(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that CIM Group has completed the sale of the remaining 12 San Francisco apartment properties that were part of a 22-building, 418-unit portfolio. The company acquired the portfolio 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, according to CIM Group, located throughout San Francisco in economically diverse neighborhoods.
CIM tells GlobeSt.com that it could not disclose the purchase price or buyer identity at this time, but we will follow up as we learn more. 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, according to a prepared statement. 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,” according to a statement.
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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
