CIM Interval Fund Buys Multifamily Property in Los Angeles

CIM Real Assets & Credit Fund, a closed-end interval fund sponsored by an affiliate of CIM Group, has purchased Sora, a newly constructed five-story 117-unit multifamily property in Los Angeles.

CIM Real Assets & Credit Fund, a closed-end interval fund sponsored by an affiliate of CIM Group, has purchased Sora, a newly constructed five-story 117-unit multifamily property in Los Angeles.

Although the purchase price was not disclosed by the company, Costar reported that CIM paid $52 million, or approximately $445,000 a unit, for the property.

Located at 417 Centinela Ave. in Inglewood, Sora is comprised of one- and two-bedroom units with quartz countertops and high-efficiency appliances. Property amenities include a swimming pool, fitness center, co-working space, barbecue and picnic areas, lounge, and parcel lockers.

Sora is located 1.5 miles from several public event and sports venues, including the new SoFi Stadium, The Forum, and the 300-acre Hollywood Park mixed-use development — home to such upcoming sporting events as the Super Bowl LVI in 2022, the 2023 College Football Championship, and the 2028 Summer Olympics. The property is adjacent to the 55-acre Edward Vincent Jr. Park and within close proximity to various public transportation networks.

CIM Real Assets & Credit Fund launched in April 2020 and has raised $97.5 million in investor equity, as of October 2021. The fund, which invests across real assets and corporate credit, is advised by CIM Capital IC Management LLC and sub-advised by CIM Capital SA Management LLC and OFS Capital Management LLC, all affiliates of CIM Group.

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