SAN FRANCISCO—CIM Group has sold the remaining 12 apartment complexes of a 22-propety portfolio that the company acquired in June 2009 through a deed in lieu of foreclosure transaction.
The company said in a statement that all 22 of the properties, totaling 418 units throughout San Francisco, were sold to multiple buyers. Over the past three years, CIM made substantial enhancements and renovations to many of the properties, which increased the value of the portfolio.
Ten of the properties were sold in fall 2012. The sale price of both this sale and the fall divestment was undisclosed.
The company said that it identified the Greater Bay Area in 2001 as possessing the attributes that fit its investment discipline. CIM Group has investments in a variety of commercial properties in the Bay Area including approximately 1.7 million square feet of Class A office properties and two hotels in Oakland.