CIM Group Completes 168-Unit Los Angeles Community

CIM Group has opened the 168-unit Coro, a community in the West Adams area of Los Angeles.

The development firm had bought the 1.3-acre parcel for the property in 2023 from West Angeles Church of God in Christ, and is also currently in charge of the asset’s management, according to Yardi Matrix information. Just a couple of months after buying the land, the developer broke ground on the project. AC Martin designed the property.

Located at 3045 S. Crenshaw Blvd., in an Opportunity Zone, the six-story community includes studio, one- and two-bedroom apartments with floorplans averaging 690 square feet. Coro also comprises 17 affordable units, as well as 40,000 square feet of ground-floor retail. The affordable apartments are reserved for households earning below 30 percent of AMI.

Units include washer/driers and microwaves, as well as private patios or balconies. Shared amenities encompass an outdoor courtyard, a swimming pool, a recreation deck, a fitness center and barbeque grills. In addition, the property also has a multi-level, 250-plus parking garage.

Coro is close to Interstate 10, some 6 miles east of downtown Los Angeles, while Hollywood Boulevard is 5 miles to the north. The Expo/Crenshaw light rail station is less than a 10-minute walk away, offering connections along the E and K lines. There are many shopping and dining options nearby, along Crenshaw and Jefferson boulevards, as well as in the West Adams Boulevard area.

CIM Group, a highly active developer in L.A. area

Alongside a host of commercial properties developed close to Coro, CIM Group also owns several other multifamily properties in the area, especially close to Interstate 10. These include completed assets such as the 60-unit 2231 Western and the 69-unit The Jayne, as well as projects underway, including the 74-unit The Read, at 5217 West Adams Blvd.

Late last year, CIM partnered with Bryant Group Ventures in launching a $1 billion affordable housing fund. Los Angeles is one of the markets the vehicle is targeting.

In other recent local news, a joint venture of Trammell Crow Co. and Haseko North America secured financing $80.8 million in financing for the development of Jules San Pedro, a 281-unit Los Angeles community. The eight-story property is expected for completion in 2028.