CIM Group has sold off a planned 109-unit apartment complex in Hollywood, The Real Deal has learned.
The site, at 6007 West Sunset Boulevard, changed hands in a $32.1 million deal, according to records filed with Los Angeles County. The sale covered four other parcels. The assemblage in the transaction also included 1507 and 1517 Gordon Street and 6011 and 6019 Sunset Boulevard.
The site is a through-lot at the corner of Sunset Boulevard. It has frontage at both Gordon Street and Labaig Avenue, city records show.
The buyer is 6007 Sunset (LA) OZ, LLC, which designated law firm Fragner Siefert as its representative in property filings.
CIM won preliminary approval to build a seven-story residential property at the site last month. Plans for the property call for demolishing a mix of low-rise buildings that house a liquor store and a hair salon. The proposed project will include studios, one-bedrooms and two-bedroom units and nearly 15,000 square feet of retail space on the ground floor.
The version of the project that was approved was larger than a proposal for the site filed in 2017, when CIM sought permits for a residential complex with just 63 apartments.
The site is across the street from a controversial project that was once known as Sunset and Gordon. That property, which CIM built in 2015, was the subject of a long-running court battle. In 2015, city officials ordered CIM to remove tenants at the 22-story property, located at 1522 North Gordon Street, citing the expiration of a temporary occupancy permit.
CIM has since sold the property. In February, Canadian firm Morguard Corp. paid $79.4 million for the 299-unit complex, which is now known as Lumina Hollywood. The deal involved the 40.9 percent stake in the property that Morguard didn’t already own.
CIM’s portfolio in Los Angeles includes 40 properties in West Adams. The firm is currently constructing 15 buildings in the neighborhood with around 170 apartments.
CIM did not respond to a request for comment.