CMCT Executing on Strategy to Grow Multifamily Portfolio with Acquisition of Three Multifamily Assets
03 Fevereiro 2023 - 7:50AM
Business Wire
CMCT (NASDAQ:CMCT and TASE:CMCT-L) announced today that it is
expanding its multifamily portfolio with the planned addition of
696 apartment units across three assets. The acquisitions advance
CMCT’s strategy to focus the portfolio on highly amenitized premier
multifamily and creative office assets in dynamic, high barrier to
entry markets.
CMCT intends to acquire an interest in the 75-unit Parkview
Apartments located at 1902 Park Avenue in the Echo Park
neighborhood of Los Angeles. The transaction is anticipated to
close in mid-February. Parkview Apartments is located adjacent to
1910 W. Sunset Blvd., an eight-story creative office property that
was acquired by CMCT in February 2022.
In Oakland, CMCT is under contract to acquire Eleven Fifty Clay,
at 1150 Clay Street, a 16-story apartment building offering 288
market-rate residences. The acquisition is anticipated to close in
late March. On January 31, 2023, CMCT closed on the acquisition of
Channel House, a 333-unit, eight-story apartment building at 40
Harrison Street.
CMCT believes it has an attractive pipeline of multifamily
development opportunities, representing over 1,500 units. CMCT
intends to leverage its sourcing, distribution and development
capabilities to grow its multifamily portfolio by making property
level equity investments alongside co-investors. CMCT believes this
asset-light approach, whereby CMCT may earn fee income and
potentially a percentage of profits, is a compelling model for CMCT
that will contribute to strong returns on invested capital.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a
real estate investment trust that owns, operates and develops
premier multifamily and creative office assets in vibrant and
emerging communities throughout the United States. CMCT is a leader
in creative office, acquiring and developing properties catering to
rapidly growing industries such as technology, media and
entertainment. CMCT applies the expertise of CIM to the
acquisition, development, and operation of top-tier multifamily
properties situated in dynamic markets with similar business and
employment characteristics to its creative office investments. CMCT
also owns one hotel in Northern California and a lending platform
that originates loans under the Small Business Administration
(“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM
Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
onsite property management capabilities.
(www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”), which are intended to be covered by the safe harbors created
thereby. Such forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “will,”
“project,” “target,” “expect,” “intend,” “might,” “believe,”
“anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,”
“potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or
the negative thereof or other variations or similar words or
phrases. Such forward-looking statements include, among others,
statements about CMCT’s plans and objectives relating to future
growth and outlook, its proposed acquisitions in Echo Park and of
Eleven Fifty Clay, and its ability to earn fee income and
potentially a percentage of profits. There is no assurance that the
Echo Park or Eleven Fifty Clay acquisitions will be completed or
that CMCT will be able to secure co-investments or on the terms of
any such co-investments including amounts payable to CMCT. Such
forward-looking statements are based on particular assumptions that
management of CMCT has made in light of its experience, as well as
its perception of expected future developments and other factors
that it believes are appropriate under the circumstances.
Forward-looking statements are necessarily estimates reflecting the
judgment of CMCT’s management and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. These risks
and uncertainties include those associated with (i) the timing,
form, and operational effects of CMCT’s development activities,
(ii) the ability of CMCT to raise in place rents to existing market
rents and to maintain or increase occupancy levels, (iii)
fluctuations in market rents, (iv) the effects of inflation and
higher interest rates on the operations and profitability of CMCT
and (v) general economic, market and other conditions, including
the possibility of recession or an economic downturn. Additional
important factors that could cause CMCT’s actual results to differ
materially from CMCT’s expectations are discussed under the section
“Risk Factors” in CMCT’s Annual Report on Form 10-K for the year
ended December 31, 2021 and in CMCT’s Quarterly Report on Form 10-Q
for the period ended September 30, 2022. The forward-looking
statements included herein are based on current expectations and
there can be no assurance that these expectations will be attained.
Assumptions relating to the foregoing involve judgments with
respect to, among other things, future economic, competitive and
market conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond CMCT’s control. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, any of
the assumptions could be inaccurate and, therefore, there can be no
assurance that the forward-looking statements included herein will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by CMCT or any other person that CMCT’s objectives
and plans will be achieved. Readers are cautioned not to place
undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date they are made. CMCT does not
undertake to update them to reflect changes that occur after the
date they are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20230203005121/en/
Karen Diehl Diehl Communications 310-741-9097
karen@diehlcommunications.com or Investor Relations: Steve
Altebrando 646-652-8473 shareholders@creativemediacommunity.com
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