CIM Real Assets & Credit Fund Acquires Newly Constructed 117-Unit Apartment Building in Los Angeles
LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has acquired Sora, a recently completed, five-story 117-unit apartment building in Los Angeles through CIM Real Assets & Credit Fund.
Located at 417 Centinela Ave. in the City of Inglewood, Sora offers one- and two-bedroom residences with high ceilings, quartz countertops, and modern, high-efficiency appliances. Sora residents will have access to a variety of desirable community amenities including a resort-style pool, fitness center, flexible coworking space, barbecue and picnic areas, lounge, and parcel lockers.
Sora is conveniently located 1.5 miles from several high-profile public event and sports venues, including the new SoFi Stadium, The Forum, and the new businesses and attractions at the 300-acre Hollywood Park mixed-use development in the South Bay community of Inglewood—home to upcoming sporting events such as Super Bowl LVI in 2022, the 2023 College Football Championship, and the 2028 Summer Olympics.
As an additional benefit, it is steps away from the 55-acre Edward Vincent Jr. Park. Residents at Sora also have access to various public transportation networks, including the upcoming Metro K Line and the Inglewood Transit Connector Station, and provides easy access to the I-405, I-105, and I-110 freeways for connectivity to Downtown Los Angeles, Culver City, Santa Monica, and Los Angeles International Airport.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
This is neither an offer to sell nor a solicitation to purchase any security. Investors should consider the investment objectives, risks, charges and expenses of the CIM Real Assets & Credit Fund (“Fund”) carefully before investing. This and other information are contained in the Fund’s prospectus, which may be obtained by contacting your financial professional or visiting www.cimgroup.com. Please read the prospectus carefully before you invest. All investing includes risk including the loss of principal. Interval funds are generally suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment. There can be no assurance that any fund will meet its objectives.
About CIM Real Assets & Credit Fund (CIM RACR)
CIM RACR (“the Fund”) is non-diversified, closed-end management investment company, registered under the 1940 Act that continuously offers its common shares and is operated as an “interval fund.” The Fund invests across real assets and corporate credit, providing an opportunity to invest alongside CIM Group’s income-oriented strategies. CIM RACR’s investment objective is to generate current income through cash distributions and preserve and protect shareholders’ capital across various market cycles, with a secondary objective of capital appreciation. The Fund is advised by CIM Capital IC Management, LLC and sub-advised by CIM Capital SA Management, LLC and OFS Capital Management, LLC, each of which are investment advisers registered under the Investment Advisers Act, as amended, and affiliates of CIM Group, LLC. For additional information, please visit https://www.cimgroup.com/public-investment-programs/current-public-programs/racr.
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating management’s belief that CIM RACR will benefit from CIM Group’s combined real assets, credit and transaction experience and deal-sourcing capabilities; the composition of CIM RACR’s portfolio of real assets and corporate credit assets and the potential benefits to investors, which may not be realized; opportunities for individuals to invest alongside institutional partners, and whether those opportunities will align the interests among sponsors, partners and shareholders; and other factors may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including those risks, uncertainties and factors referred to in CIM RACR’s Prospectus filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2021, and Supplement No. 2 to the Prospectus filed with the SEC on September 8, 2021, in each case under the section “Risks” as well as other documents that may be filed by CIM RACR from time to time with the SEC. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. CIM RACR is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.