CMCT (NASDAQ:CMCT) announced today that it has acquired 3101 S. Western Ave., a 0.26-acre parcel in Los Angeles’ Jefferson Park submarket, for $2.3 million.
CMCT intends to build a five-story apartment building with approximately 45 apartment residences offering a mix of studio, one-, and two-bedroom floor plans. The building will also provide 2,000 square feet of ground floor retail space. Construction is anticipated to begin in late 2023 or 2024.
“This area of Jefferson Park includes a commercial corridor and attractive residences and is experiencing renewed interest as a business and residential location option for young professionals. Our development will bring new, modern apartments to this community where there is strong demand,” said David Thompson, Chief Executive Officer of CMCT.
3101 S. Western is situated within Los Angeles’ Jefferson Park neighborhood, home to a variety of residential buildings, shops, restaurants, and offices, and near the West Adams neighborhood where CIM Group has renovated or developed numerous apartments, restaurants, and retail spaces since 2016. The property is convenient to public transit options along West Adams and Jefferson Boulevards, offers convenient access to the 10 and 110 freeways, and is within 1.5 miles of the University of Southern California and 5.5 miles from downtown Culver City, home to several premier technology and entertainment companies.
