CIM Group has sold a 153-unit, five-story apartment building with approximately 15,000 square feet of ground-floor retail and 308 spaces of subterranean parking in West Los Angeles. The recently completed building has a central location, at 1500 S. Granville Avenue on the south side of Santa Monica Boulevard, an active corridor with public transportation, shops and dining.
The financial terms and the new owner were not disclosed.
The building features a contemporary architectural design and offers a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Residents have a variety of indoor and outdoor gathering spaces available for co-working, recreation and socialization that are among the most sought-after property amenities.
Earlier this year, CIM Group sold the adjacent 147-unit apartment community, Elevate, completed in summer 2019, with approximately 39,000 square feet of ground-floor retail space that C
