CIM Group has expanded its multifamily presence in Oakland, Calif., with the completion of its latest 288-unit community. After breaking ground in spring 2018, the firm and its co-development partner Strada Investment Group completed construction of Eleven Fifty Clay Street.
The 16-story community offers studios, one-, two- and three-bedroom units that range in size from 435 to 1,272 square feet. Residents will have access to a rooftop deck with lounge areas, fire pits and a dining area with barbecues. Inside the building, the amenities include a fitness center, coffee bar in the lobby, bike storage, conference rooms and coworking areas. Eleven Fifty also has 4,000 square feet of ground-level retail space that was built with 20-foot ceilings and an outdoor patio.
Located on Clay Street between 11th and 12th Streets, the community is adjacent to BART’s 12th St. Oakland City Center station. Eleven Fifty is also located near several of the city’s interstate highways, including I-80, I-580 and I-880, giving residents access to San Francisco, Berkeley and the East Bay.
NEED FOR NEW HOUSING IN OAKLAND
Avi Shemesh, co-founder & principal at CIM, said in prepared remarks that the new community will help address the area’s need for new housing, alongside the other projects that CIM has completed in Oakland since 2007.
CIM is also nearly complete with the construction of Channel House, an eight-story community located a mile away from its Eleven Fifty project. The project is part of one of three land parcels that the firm acquired back in 2016 that is now Jack London Square, a mixed-use business and entertainment location on Oakland’s waterfront. CIM topped out the 333-unit community at 40 Harrison St. in August 2019.