CIM Group and FPA Multifamily have confirmed reports of the recent sale of 888 at Grand Hope Park in Downtown Los Angeles, with CIM Group as the seller and FPA Multifamily as the buyer. The transaction was valued at $186 million.
The 34-story apartment tower boasts 10,000 square feet of ground-floor retail space. This acquisition by FPA follows their previous purchase last month of two multifamily properties in Ventura County.
In a statement, CIM Group stated that they have been actively involved in owning and operating properties in Downtown Los Angeles for over two decades. Their contributions to the area include bringing a significant number of housing options, such as the recently sold 525-unit apartment tower at Grand Hope Park which opened its doors in 2019.
Other notable developments by CIM Group downtown include Flower Street Lofts – an adaptive reuse project that transformed a former UPS warehouse into luxury condominiums; Gas Company Lofts – a redevelopment project that turned former Gas Company headquarters into modern apartments; and Market Lofts & Market Retail – a mixed-use development featuring residential units above retail spaces including Ralphs supermarket- marking it as Downtown LA’s first full-service grocery store after half-a-century.
The article “CIM Trades DTLA Tower to FPA Multifamily” originally appeared on Connect CRE.
