CIM Group, Hulic Pick Up White Plains Apartment Building for $64M

CIM Group has made its first foray into Westchester County by acquiring a new 135-unit apartment building in White Plains, NY, in partnership with Japan’s Hulic Co., Ltd. The asset sold for $63.4 million, with a CBRE Institutional Properties team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Eric Greenberg representing the seller, Connecticut-based developer RMS Cos.

Located at 51 S. Broadway, the property is dubbed 51 South and was completed in 2025. The eight-story building features contemporary studio, one- and two-bedroom apartments, along with more than 20,000 feet of amenities including a coworking space and indoor and outdoor lounges. The project benefits from a 12-year tax Payment in Lieu of Taxes (PILOT).

“White Plains has seen a significant wave of new supply over the past few years,” said MacKenzie in a statement. “That supply has been steadily absorbed as new residents discover everything the downtown has to offer, all within a short commute to New York City.”

CIM Group has delivered more than $60 billion of real estate and infrastructure projects across the Americas. The company previously partnered with Hulic on the purchase of a 166-unit apartment community in West Hollywood, CA this past July.

Image courtesy of CIM Group.