CIM Group Sells 34-Story Apartment Tower For $186M
CIM Group has sold the high-rise Downtown apartment complex 888 at Grand Hope Park for $186M.
The sale to Irvine-based FPA Multifamily closed March 5, according to public filings first reported by The Real Deal.
CIM had listed the 525-unit property at 888 S. Hope St. for sale in August, asking $236M. At that time, the property was 94% occupied, TRD reported.
The sale price works out to roughly 47% of replacement cost, according to figures from GlobeSt and TRD. The sale price also represents a $50M discount from the August asking price.
FPA purchased the property with a $105M loan from Iowa-based Athene Annuity and Life Co., according to TRD.
The apartment tower opened in 2019 and features a penthouse lounge and a 30K SF eighth-floor outdoor space with a pool. The average household income of the building’s tenants is $271K, according to marketing materials seen by GlobeSt.
The $186M price works out to approximately $354K per unit.
In late December, FPA Multifamily purchased a two-property, nearly 400-unit portfolio of the Oakview Apartment Homes in Westlake Village and The Biltmore at Thousand in Thousand Oaks for $153M.
CORRECTION, MAR. 13, 12:20 P.M. PT: A previous version of this story did not correctly state the percentage of replacement cost that the sale price reflected. The story has been updated.
