CIM Group, Hulic Pick Up White Plains Apartment Building for $64M
CIM Group has made its first foray into Westchester County by acquiring a new 135-unit apartment building in White Plains, NY, in partnership with Japan’s Hulic Co., Ltd. The asset sold for $63.4 million, with a CBRE Institutional Properties team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Eric Greenberg representing the seller, Connecticut-based developer RMS Cos.
Located at 51 S. Broadway, the property is dubbed 51 South and was completed in 2025. The eight-story building features contemporary studio, one- and two-bedroom apartments, along with more than 20,000 feet of amenities including a coworking space and indoor and outdoor lounges. The project benefits from a 12-year tax Payment in Lieu of Taxes (PILOT).
“White Plains has seen a significant wave of new supply over the past few years,” said MacKenzie in a statement. “That supply has been steadily absorbed as new residents discover everything the downtown has to offer, all within a short commute to New York City.”
CIM Group has delivered more than $60 billion of real estate and infrastructure projects across the Americas. The company previously partnered with Hulic on the purchase of a 166-unit apartment community in West Hollywood, CA this past July.
Image courtesy of CIM Group.
Other News
Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
Learn more
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
Learn more
Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton and senior investment anaylst...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout