Dallas-based REIT Creative Media & Community Trust (CMCT) has purchased a majority stake in four properties—two multifamily campuses and two development sites—in Oakland from its parent company, CIM, for $282M.
The acquisition of the multifamily properties marks a strategic shift for Creative Media, which holds 1.3M SF of offices in its portfolio, to more of a focus on multifamily.
CMCT has specialized in creative office properties, with assets located in Austin, San Francisco, Los Angeles and Oakland. The REIT also owns 696 multifamily units in Los Angeles and Oakland. CIM Group owns 42.3% pf CMCT.
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