LOS ANGELES, CA – CIM Group announced that it has completed construction of 888 at Grand Hope Park, its premier 34-tale, 525-unit apartment tower located at 888 S. Hope Street in downtown Los Angeles. In addition to providing abundant new housing, it is a significant addition to the evolving fabric of downtown with approximately 6,000 square feet of ground floor retail space and a public pocket park, elements that enhance the dynamic South Park community, a walkable downtown neighborhood that provides many shopping, dining and entertainment options.

The apartment tower, situated at the northeast corner of 9th and Hope Streets, offers contemporary residences in a variety of sizes and floor plans and features many amenities and large communal gathering spots. 888 at Grand Hope Park is adjacent to a seven-tale, approximately 650-stall parking structure, with a 5,000-square-foot Petco store, CIM completed in 2016 that accommodates the parking for retailers, residents and their guests.

“Completing 888 at Grand Hope Park is a significant milestone for CIM Group as it is the final piece of a larger master plot for South Park that we envisioned when we bought a portfolio of seven parcels in 2001,” said Shaul Kuba, Co-Founder and Principal of CIM Group. “Our program in South Park started with the redevelopment of the Gas Company office buildings into apartments and retail and continued with a mix of building renovations and ground up construction delivering new condominiums, apartments, street retail and office space to the community.”

An innovative feature of the development is the expansive 30,000-square-foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor. This distinctive space is designed with an outdoor pool, lounge and barbeque areas, garden and other green spaces featuring mature landscaping. In order to distinguish the rooftop as a right urban oasis, CIM invested in thousands of plants and more than 132 trees, many reaching 20 feet in height, and were hoisted by crane for planting on the amenity deck to make a lush environment for residents. In addition, the 34th floor of the building offers residents an intimate indoor lounge and a large outdoor terrace to delight in the views, the sunset, and temperate Southern California climate.

CIM applied its knowledge and experience in developing and operating real estate in transformational and multifaceted urban areas in the plotting and construction of 888 at Grand Hope Park. The company has a long history as an owner and operator in downtown Los Angeles when it identified the South Park community as being underserved in residential and retail offerings. CIM has renovated and repositioned office, retail and residential properties in the area for nearly 20 years, including the Flower Street Lofts condominiums, which were the first condominiums developed in downtown Los Angeles under the city’s adaptive reuse ordinance, followed by the adaptive conversion of the former Gas Company office buildings into the Gas Company Lofts apartments, and Sky Lofts at 801 S. Grand, the conversion of office space into luxury condominiums. CIM also completed ground-up developments including the Market Lofts condominiums and Market Lofts Retail that includes the Ralphs supermarket directly across the street from 888 at Grand Hope Park.

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LOS ANGELES, CA – TruAmerica Multifamily in partnership with capital partner ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has bought Corte Bella, a 251-unit multifamily community in the Orange County city of Fountain Valley, CA for $85.8 million.

This is TruAmerica’s second significant Orange County investment in the past six months.  In February, the Los Angeles-based real estate investment firm bought a 264-unit apartment community in Huntington Beach for $90.5 million.  Both are among the largest single asset multifamily acquisitions in Orange County in 2018.

2018 continues to be an active year for TruAmerica as the firm builds upon its portfolio of more than 36,000 apartment units across the United States.   TruAmerica has bought approximately $750 million in multifamily assets, totaling 4,000 units over the past 12 months, with nearly one-third in the Southern California area.  

“Fountain Valley is a highly desirable, centrally located Orange County submarket, with a severe shortage of modern rental housing, making Corte Bella a compelling investment opportunity,” said TruAmerica Director Zach Rivas who led TruAmerica’s acquisition team.   “The vast majority of Fountain Valley’s 4,200 multifamily units were built prior to 1980, and due to high barriers to entry, there is very small new product is in the pipeline.”  

Built in 1969, Corte Bella is located on an ultra-low-density 12-acre site at 9580 El Rey Avenue.  The community features a mix of one- and two-bedroom apartment homes, with private garages in 33, two-tale residential buildings.  Common area amenities include seven swimming pools, fitness center, dog park, courtyards and barbecue picnic areas.   Corte Bella was 97 percent occupied at the time of closing. 

“Working with TruAmerica we plot to upgrade units and take advantage of the property’s unique amenities to maintain high occupancies and solidify rent levels in one of the country’s most favorable and desirable multifamily investment markets,” said Aaron Duncan, ASB Senior Vice President.

The multimillion-dollar capital improvement program will include the installation of washer/dryer connections in each of the apartments.   This will allow for the conversion of nine existing laundry facilities to a variety of new tenant amenities such as a business center, pet spa and bike storage.  

The property was marketed on behalf of the seller by the Moran & Company team of Mike Murphy, Tom Moran, Jr. and Mary Ann King. 

The acquisition was leveraged with 10-year financing through Freddie Mac’s select sponsor program, which was arranged by Berkeley Point Senior Managing Director Mitch Clarfield. 

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FORT WORTH, TX – HLC Equity, a national real estate investment holding group and property manager, announced the buy of Republic Deer Creek Apartments, a 336-unit, Class-A, multifamily community located in Fort Worth, Texas.

According to HLC Equity, Republic Deer Creek, which was constructed in 2012, is strategically located next to significant commercial and office developments occurring at Everman Parkway, within close proximity to the burgeoning Burleson neighborhood, and south of the Fort Worth CBD, benefiting from organic market growth in one of the nation’s leading investment markets. It is situated close to Interstate 35W, providing direct access to some of the largest employment hubs, retail and entertainment venues in the surrounding area.

In line with HLC Equity’s strategy of purchasing community-oriented properties, Republic Deer Creek is richly amenitized with a resident business center, resort style swimming pool with expansive tanning ledges, poolside gazebo with BBQ grill, sand volleyball court, state-of-the-art fitness center, upscale clubhouse, billiards table, resident lounge with a coffee bar, dog park and playground, as well as garages and covered parking. 

“We are excited to continue expanding our footprint in the DFW metroplex, which has become one of the most desirable cities in the USA from a quality of life perspective” said Daniel N. Farber, Principal at HLC Equity. 

The property will be managed by HLC Equity’s management division, which intends to further increase value at this high-quality asset by providing residents with certain unit upgrade options, while integrating complimentary innovative technologies and processes to enhance resident satisfaction. “This property is a fantastic match for HLC Equity’s portfolio, providing operational efficiencies for our management team, and ultimately better serves our residents”, noted David Molitor, Head of Operations at HLC Equity. 

HLC Equity utilized a $25.2M agency loan originated by Bellwether Enterprise and Maverick Commercial Properties under Freddie Mac program for the buy of Republic Deer Creek.

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