NEW YORK, NY – CIM Group announced that Related Fund Management has bought 265 – 275 Cherry Street, two 26-tale towers with 490 units in Manhattan s Lower East Side in the Two Bridges community. CIM sold the approximately 450,560-rentable-square-foot property with L+M Development Partners, its joint venture partner. The land parcel located at 260 Cherry Street was not included in the sale.
265 – 275 Cherry Street is a fully-leased, Section 8 housing community originally built in 1979, which features one-, two-, and three-bedroom units. Amenities include an on-site community room, a convenience store, and outdoor courtyards with playgrounds. The property is well located off FDR Drive, on the East River Esplanade in close proximity to public transportation including trains and buses with the nearest subway stop just two blocks away.
In 2014, L+M and CIM voluntarily entered into a 40-year regulatory agreement to preserve the asset as affordable housing for low-income households. Driven by the belief that every person deserves a quality home, Related is committed to maintaining and operating 265 – 275 Cherry Street as high-quality affordable housing.
Related has a long and proud history in affordable housing which has been a foundational element of the company since its formation. The company started exclusively as an affordable housing developer in 1972 and today is one of the largest private developers and preservationists of affordable and workforce housing in the country.
For more than 25 years, CIM has been an owner, operator, developer, and lender of real assets across North America, enhancing the communities in which it invests. For more than 10 years, CIM has been actively investing in New York City including properties such as 432 Park Avenue condominiums, 11 Madison office building, 15 William condominiums, 1440 Broadway office building, 16 Court office building, The Dominick Hotel, Front & York residential and retail development in DUMBO, and 111 Montgomery condominiums in Crown Heights.
Cushman & Wakefield represented both the seller and buyer in the transaction.

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LAUREL, MD – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its northeast regional presence, announcing a new management contract for The Views at Laurel Lakes Apartment Homes in Laurel, Maryland. Formerly named “The Point,” the company has been issued an agreement for the management of the apartment community by new owner Hamilton Zanze.
“The lifestyle offered at The Views at Laurel Lakes stands apart from the surrounding residential options with the comfortable and updated apartment interiors, and outdoor-centric amenities including a unique two-level swimming pool. We’re thrilled to enhance the resident experience for all current and prospective residents,” said Patricia Hutchison, President of Mission Rock Residential.
The community offers 308 apartment homes and is located conveniently midway between Baltimore and Washington. Residents have simple access to Interstate 95, the Laurel MARC commuter rail station, and these major urban centers. The community offers noteworthy amenities such as a two-level pool, outdoor grill areas, a 24-hour fitness center, and direct lake access. This access is especially notable given the property’s silent, park-like setting.
Each individual apartment home includes a washer and dryer, stainless-steel appliances, wood-burning fireplaces, and a private patio. All bathrooms and kitchens feature new cabinetry and countertop surfaces and updated energy efficient light fixtures thanks to a recent renovation undertaken across the complete property.
While a largely residential community, Laurel is home to a historic Main Street district along with significant retail presence. In addition to its simple access to Baltimore and Washington D.C. for employment opportunities, Laurel is also host to several major employers. The Department of Defense is a prominent presence in the Laurel area, with the Fort Meade Army base, the National Security Administration, and Johns Hopkins’ Applied Physics Laboratory all located nearby. Laurel Park, a thoroughbred horse racetrack, is also located just outside the city limits.

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ATLANTA, GA – FCP announced the $30.0 million acquisition of Villas at Princeton Lakes, a 210-unit apartment community in the South Fulton area of Atlanta, GA. The acquisition marks FCP’s 18th investment in Atlanta. FCP assumed the existing loan at the property.
“The Villas at Princeton Lakes is a very well-maintained asset next to the booming South Fulton Industrial corridor,” said FCP’s Scott Reibstein. Reibstein continued, “We’re excited to have bought our second community there, central to so much growth.” The property was bought in an off-market transaction, was recently renovated and has experienced steady 95% occupancy throughout 2020.
Located at 751 Fairburn Road, SW in Atlanta, Villas at Princeton Lakes is an attractive garden-style community built in 2004 with hardi-plank and brick siding. The community features large one, two and three-bedroom, family-friendly floorplans, with extra storage, private patios and brilliant access to Hartsfield Atlanta International Airport, Interstates 285 and 20 and nearby convenience and amenity retailers and restaurants.
FCP extends its appreciation to Travis Presnell at Cushman & Wakefield for his representation
FCP is a privately held real estate investment company that has invested in or financed more than $8.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.

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