CIM Group Expands Westchester Footprint with $134M White Plains Apartment Buy
Event summary
- CIM Group acquires 51 South, a 134-unit apartment complex in White Plains, NY, in partnership with Hulic Co., Ltd.
- The eight-story property, completed in 2025, features 20,000 sq. ft. of amenities including coworking space and recreational facilities.
- This marks CIM's first investment in Westchester County, expanding its New York portfolio.
- CIM has invested approximately $4 billion in equity across the New York metropolitan area since 2010.
The big picture
CIM Group's acquisition of 51 South underscores its long-term commitment to the New York metropolitan area, particularly in suburban markets with strong connectivity to Manhattan. The deal reflects a broader trend of institutional investors targeting high-growth suburban residential markets, leveraging proximity to urban employment centers. With over $10 billion in total project value since 2010, CIM's strategic focus on enhancing community-focused real estate assets positions it to capitalize on shifting housing preferences.
What we're watching
- Portfolio Diversification
- How CIM's expansion into Westchester County will impact its overall New York portfolio strategy.
- Market Demand
- Whether the continued demand for quality housing in White Plains will sustain rental growth.
- Operational Integration
- The pace at which CIM integrates 51 South into its existing management and operational framework.
Related topics