LOS ANGELES, CA – CIM Group announced that it has reached a significant construction milestone, topping out 888 S. Hope, its 34-tale apartment tower with approximately 6,000 square feet of ground floor retail space and a public pocket park in downtown Los Angeles.

The building located at the corner of 9th Street and Hope, adjacent to a seven-tale, approximately 650-stall parking structure completed by CIM that includes a 5,000-square foot Petco, and is anticipated to be completed mid-2018.

The 525-unit apartment tower will offer contemporary residences ranging in sizes and floor plans, and will feature many large communal gathering spots. A 30,000-square foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor, is designed with an outdoor pool, lounge, garden and other green spaces and recreation areas. In addition, the 34th floor of the building will include a lounge and a large outdoor terrace.

888 S. Hope is located in the heart of the well loved South Park district, a walkable downtown neighborhood that provides many shopping, dining and entertainment options including the Ralphs supermarket and other retailers across the street in a property also developed by CIM.

CIM has a long history as an investor and developer in downtown Los Angeles when it identified the area as being underserved in residential and retail offerings. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first condominiums developed 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. CIM also completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.

Powered by WPeMatico

DENVER, CO – Continental Realty Advisors (CRA), a Denver-based national multifamily investment and management firm, in partnership with GTIS Partners, a global real estate investment firm headquartered in New York, announced the acquisition of Canyon Reserve at the Ranch Apartments in Westminster, Colo.

The 256-unit garden-style apartment community on 13.38 acres is located in the heart of the 120th Avenue retail corridor with spectacular mountain views. The property includes 16 two-tale buildings with generous amenities, including two clubhouses, resort-style pool, state-of-the-art gym, spacious private dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs and private patios or balconies.

Built in 1984, Canyon Reserve recently has been upgraded with all new roofs and skylights, but offers the opportunity for a full renovation to drive increased rental revenue and compete effectively in the submarket for years to come. Current occupancy rate is 96+ percent.

“Canyon Reserve at the Ranch is a perfect example of CRA’s strategy to invest in and improve communities with strong underlying economics while maintaining a commitment to provide affordable rents and quality service to our residents,” says Robert Ireland, director of acquisitions for CRA. “We are very pleased with this acquisition and are excited to be working with GTIS on enhancing the property.”

CRA plans to upgrade both the common area amenities and unit interiors as part of their proven value add program. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

Residents at Canyon Reserve, located at 2890 W 116th Place, delight in proximity to major retail outlets, employment centers and numerous recreational amenities. The area is home to nearly 1,000 companies, including major international corporations like Ball Corporation, Staples and Vail Resorts, as well as technology-oriented multinationals such as Google, IBM and Oracle.

With simple access to I-25 and US 36, residents delight in a 10-mile commute to Downtown Denver and a 15-mile commute to Boulder. Just 3.5 miles away is the Westminster Mall redevelopment, a 105-acre project with plans for over 1 million square feet of office, 700,000 square feet of retail, parks and the potential for a new light rail stop. Phase one is expected to open late this year; the project will add an estimated 8,000 employees to the area upon completion.

We are excited to build a successful investment portfolio with the professionals at GTIS,” says David Snyder chairman and CEO of CRA. “CRA’s 35 year multi-billion dollar real estate investment experience combined with the rich history of GTIS’s global multi-billion dollar investment funds is a powerful combination.”

Canyon Reserve is the first joint venture between GTIS Partners and CRA.

“We are very pleased to partner with the talented CRA team on Canyon Reserve, which is in one of our strongest markets,” says Davd Pahl, managing director, GTIS partners. “We can make significant value by repositioning the property in response to growing local demand. This is the first of many plotted investments for a newly-formed GTIS fund, and represents a promising start to executing our fund strategy.”

HFF’s Denver investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag. The JFF debt placement team representing the borrower included managing director Josh Simon and senior managing director Brian Carlton.

Powered by WPeMatico

BOSTON, MA – Trammell Crow Residential, America’s premier multi-family real estate company and the only national group with nearly 40 years of experience in apartment development, announced that it has broken ground on Alexan Billerica, a 178-unit, garden-style development in Billerica, MA situated on approximately 7-acres. 

Upon expected completion in December 2018, Alexan Billerica will consist of 3 buildings and 6,000 square feet of recreation and amenity space, and direct access to transportation, shopping, and a vibrant employment corridor.    

The site includes frontage on Route-3a and offers convenient access to Route-3, I-495 and I-95. An MBTA Commuter Rail Station within walking distance further enhances the site’s appeal.

“Alexan Billerica is designed specifically with residents in mind –well-appointed, modern units located on a tranquil setting that offers discerning residents the ‘best of’ luxury living, such as a private fitness center, business center, pool and indoor/outdoor leisure space,” said Andy Huntoon, Managing Director at Trammell Crow Residential.  “Residents will also benefit from proximity and access to a business corridor with numerous suburban offices, shopping outlets and lifestyle venues.”

The development will include studios, 1-bedroom, and 2-3 bedroom options with Class-A end outs such as granite countertops, wood flooring, and washer/dryers.  Each of the three buildings comprising the complex face a large central courtyard, maximizing residents’ views of the outdoor living spaces and a pool. Many units also include a detached garage.

The project was developed by TCR, who is also serving as the general contractor. Leasing will commence August 2018.

Powered by WPeMatico