LOS ANGELES, CA – CIM Group announced that it has completed construction of Prizma, a 169-unit, seven-tale apartment building prominently located on the northeast corner of La Brea Blvd. and Willoughby Avenue in Hollywood’s Media District. The building also features approximately 33,000 square feet of ground floor retail served by separate public parking and elevators for simple accessibility.

Prizma is designed around a park-like central courtyard that provides residents an outdoor retreat with fire pits, outdoor game area, a 3,000-square-foot pool and deck with barbeque area, and ample seating. Two additional rooftop Wi-Fi-enabled communal outdoor areas offer city views from the Hollywood Hills to the downtown skyline, include outdoor televisions, comfortable seating areas with fire pits.

Residences are a mix of studios, one- and two-bedroom floorplans as well as bi-level units, and are equipped with stainless steel kitchen appliances, in-unit washer and dryer, and Nest thermostats and electronic door locks offering optional keyless smartphone enabled access for connected living. Modern finishes such as hardwood floors and sleek tile bathrooms enhance the stylish units that are awash with natural light from floor-to-ceiling operable windows. Embracing the indoor/outdoor California lifestyle, most units offer a balcony or a terrace.

Prizma also features a 24-hour attendant, a fitness center equipped with Life Fitness cardio, cable motion, and free weight machines, a WiFi-enabled co-working office area, and an indoor-outdoor lounge.

Located in a vibrant and evolving area of Los Angeles bordering on West Hollywood, Prizma is well-positioned in a walkable neighborhood with an array of nearby shopping and dining options, and an emerging hub for culture and the arts. It also is a thriving area for business, particularly entertainment and creative industries that are drawn to the variety of contemporary office options including 953 Sycamore and The Lot, a CIM-owned creative studio campus just blocks away.

CIM Group is a long-time owner and operator of commercial real estate throughout Los Angeles and utilized its broad experience in owning, developing and operating multifamily and retail properties to envision and deliver the Prizma apartments and retail uses to Hollywood and neighboring communities.

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IRVINE, CA – The Bascom Group in partnership with Artemis Real Estate Partners has bought Phoenix Townhomes, a 248-unit condominium-style apartment community in Fresno, California. Phoenix Townhomes was constructed in 2004, and is located at 5355 North Valentine Avenue, Fresno, California. Bascom bought Phoenix Townhomes for $35,000,000, or $141,129 per unit.  Mark Mimms at SVN/MJM & Associates, Inc. brokered the transaction.

Bascom’s Senior Vice President and Principal, Jim Singleton, stated, “Phoenix Townhomes is an extremely well-located property with convenient access to strong employment centers, schools, and numerous retail and entertainment options. The Fresno market continues its healthy growth led by strong employer investment by companies seeking to take advantage of Fresno’s low cost of living and relative affordability, with several ongoing and plotted development projects estimated to bring over 3,600 jobs to the area. These new developments and the brilliant quality of life offered by Fresno continue to attract a growing number of young professionals and families relocating to the area.”

Lee Nguyen, Senior Vice President of Portfolio Operations, added, “The tremendous value-add potential, exceptionally large floorplans and unique two and three-bedroom units offered at Phoenix Townhomes separate it from other rental properties in the area. This submarket has seen very small new construction of multifamily communities over the past several years, despite the strong demographic fundamentals. We see this buy as a fantastic opportunity to complete some best-in-class improvements to the property, while still offering our residents an attractive and affordable place to live.”

Phoenix Townhomes is conveniently located in the desirable Northern Fresno submarket, situated near the highly trafficked West Shaw Avenue and a small drive from numerous retail and entertainment attractions, including River Park Shopping Center and the Fresno Chaffee Zoo. Located only six miles northeast of Downtown Fresno and within minutes of State Highways 99, 41, 180 and Fresno State University, Phoenix Townhomes provides residents convenient access to shopping, dining, entertainment, education, and major employment centers throughout Fresno county. Fresno is home to some of the largest employers within California’s central valley, including the Internal Revenue Service, Saint Agnes Medical Center, California State University, Fresno and Kaiser Permanente.

Since 1996, Bascom and its affiliates have bought 331 multifamily properties throughout the United States, totaling more than 85,000 units. Over $100 million of those acquisitions have been in Fresno, totaling over 2,100 units. In the past twelve months, Bascom has completed over $1.5 billion in multifamily transactions throughout the United States.

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MARIETTA, GA – McCann Realty Partners and its joint venture partner, LEM Capital L.P., announced the acquisition of Discovery Gateway Apartments (formerly known as The Gallery Apartments), a 378-home community in Marietta, GA within the Atlanta MSA.  Built in 1984, the two- and three-tale suburban-garden community offers residents large floorplans and high-quality amenities, including two swimming pools, two dog parks, and tennis courts, all situated in a low-density setting on over 27 acres.

Located at 720 Franklin Gateway SE (formerly Franklin Road), the property benefits from its proximity to several new projects in an emerging corridor of Marietta which has had significant infrastructure enhancements as Franklin Gateway has been expanded.  Those projects include Franklin Gateway Sports Complex, the Atlanta United Football Headquarters and Training Facility (and plotted expansion), and a future IKEA.  The property’s location also provides fantastic connectivity to major employment hubs throughout the Atlanta MSA.  The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade interiors and amenities.  Unit upgrades will include new appliances, washer and dryer installation, flooring upgrades and granite countertops in select units.  Amenities will be enhanced through the renovation of the clubhouse and fitness center and the addition of outdoor entertainment and seating areas featuring grilling stations and a fire pit.  

“Our team is looking forward to executing our business plot,” said Thomas Upson, Managing Director at McCann.  “The renovation of Discovery Gateway should provide residents with a fantastic living experience in a corridor of Marietta that has seen dramatic transformation in recent years.”

“We are excited to buy another asset in the Atlanta market,” said Matt Akin, President of McCann. “Discovery Gateway fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including upgrades to interior and common space amenities. This acquisition provides the opportunity to further reposition an asset with fantastic proximity to several substantial redevelopment projects spearheaded by the City of Marietta.  We are pleased to work with LEM again on this transaction and look forward to continuing our partnership with them.”

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