(EDITOR’S NOTE: According to public documents filed with Los Angeles County, the sale closed on march 1st for $19,250,000 or roughly $256,667 per unit. The seller was an entity baed in Los Angeles associated with Jonathan Phillips and Jon R. Wolfe.)
DALLAS–CMCT (NASDAQ:CMCT and TASE:CMCT-L) announced today that it is expanding its multifamily portfolio with the planned addition of 696 apartment units across three assets. The acquisitions advance CMCT’s strategy to focus the portfolio on highly amenitized premier multifamily and creative office assets in dynamic, high barrier to entry markets.
CMCT intends to acquire an interest in the 75-unit Parkview Apartments located at 1902 Park Avenue in the Echo Park neighborhood of Los Angeles. The transaction is anticipated to close in mid-February. Parkview Apartments is located adjacent to 1910 W. Sunset Blvd., an eight-story creative office property that was acquired by CMCT in February 2022 [for $51 million, according to public records].
CMCT believes it has an attractive pipeline of multifamily development opportunities, representing over 1,500 units. CMCT intends to leverage its sourcing, distribution and development capabilities to grow its multifamily portfolio by making property level equity investments alongside co-investors. CMCT believes this asset-light approach, whereby CMCT may earn fee income and potentially a percentage of profits, is a compelling model for CMCT that will contribute to strong returns on invested capital.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT applies the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities.
