CIM Trades DTLA Tower to FPA Multifamily

CIM Group and FPA Multifamily confirmed published reports that they were the seller and buyer, respectively, in the sale of 888 at Grand Hope Park in Downtown Los Angeles. The reported sale price was $186 million.

The 34-story apartment tower also features 10,000 square feet of ground-floor retail. FPA’s acquisition follows its $153-million deal last month for two multifamily assets in Ventura County.

In a statement, CIM Group said, “For more than 20 years, CIM Group has been an active owner and operator in Downtown Los Angeles. CIM has contributed to bringing a significant amount of housing options to the area, the most recent being the 525-unit 888 at Grand Hope Park apartment tower which opened in 2019 and has just been sold.

“Other notable housing developments downtown include Flower Street Lofts, the adaptive reuse of a former UPS warehouse into 91 condominiums; the redevelopment of the former Gas Company headquarters buildings into the 256-unit Gas Company Lofts apartments; and the ground-up development of the Market Lofts and Market Retail, which created 267 condominiums above retail that included the Ralphs supermarket, the first full-service grocery store in Downtown Los Angeles in 50 years.”

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