CIM Group, a Los Angeles-based developer and investor with a strong presence in Austin, has jettisoned one of its less-notable South Austin properties: District at SoCo, a 215-unit apartment community with 328-space parking garage, which it acquired in 2013.
CIM Group bought the midrise apartment building at 501 East Oltorf Street near St. Edward's University in 2013, one year after it was built. The complex offers studios and one- and two-bedroom units.
Minneapolis-based Northmarq provided a $23.6 million Fannie Mae acquisition loan for the District at SoCo, with the firm's Jesse Lemos originating a five-year, interest-only loan on behalf of the undisclosed borrower.
CIM Group’s Austin portfolio includes Onyx183, a 390-unit multifamily community in Northwest Austin, as well as several office properties including the Penn Field Office Campus, Eastside Village (1300 East Fifth Street), 507 Calles, and 1021 East Seventh Street. The California firm was also a codeveloper of the Seaholm Power Plant mixed-use redevelopment and the Independent luxury condo tower in downtown Austin.
