April 6, 2010

CIM Group Buys Four Apartment

Properties for $113M
By Jennifer Duell Popovec

Knoxbridge

DALLAS-CIM Group Inc. has expanded its presence in the Lone Star State,
investing $113 million in three apartment communities here and one in
Houston. The Los Angeles-based investor, which focuses on urban infill
properties, acquired the assets from Atlanta-based Gables Residential in an
off-market transaction, according to Peter Sherman, founding principal of
Multi-Housing Capital Advisors Inc.

Sherman and his team of Curtis Palmer, Andy Sands and Herb Chase acted
as the exclusive broker in the deal, which is one of the largest acquisitions to
close in Texas to date. Sherman tells GlobeSt.com that CIM Group funded
the acquisition in 100% cash through one of its funds.

Located in the Uptown area, the Dallas properties consist of: the 103-unit
community located at 3636 McKinney Ave.; the 75-unit West Village
community located at 3839 McKinney Ave.; and the 334-unit Knoxbridge
community located at 4649 Cole Ave. All three Dallas properties were
stabilized, Sherman says.

In contrast, the Houston property, the 308-unit Memorial Hills community

located at 4200 Scotland St., is a brand new development adjacent to the
city’s major business districts and River Oaks, a prime residential
neighborhood. Memorial Hills is currently in lease up. It, along with the other
assets, will continue to be managed by Gables Residential.

"Despite the pipeline of product in Dallas, Austin and Houston, CIM likes the
immigration and job growth potential in the Texas major metros," Sherman
says.