CIM Group Buys Inglewood Apartments From Meldia Group for $52M
By Greg Cornfield January 12, 2022 2:20 pmreprints
Prominent developer CIM Group has acquired a new 117-unit apartment building in the rapidly expanding city of Inglewood, Calif.
The Los Angeles-based firm announced that it bought Sora, a recently completed, five-story property at 417 Centinela Avenue. Records show it closed for $52.2 million with the seller, L.A.-based Meldia Group.
For its size, the nine-square-mile city of Inglewood is booming far beyond any comparison.
Three years ago, zero professional sports teams called Inglewood home. Now, Sora is located near the Rams’ and the Chargers’ SoFi Stadium at the massive 300-acre Hollywood Park, which will feature 2,500 units, 900,000 square feet of retail space, 800,000 square feet of office space and a 300-room luxury hotel. It will also host Super Bowl LVI this year, the 2023 College Football Championship, and the 2028 Summer Olympics. Additionally, Inglewood is also home to The Forum and the $1.8 billion Clippers stadium project.
CIM Group and Meldia Group did not respond to requests for comment. Gregory Cornfield can be reached at firstname.lastname@example.org.