CMCT - Creative Media & Community expands with 696 more apartment units

• Creative Media & Community Trust ( NASDAQ: CMCT ) said on Friday it's expanding its multifamily portfolio with the acquisition of 696 apartment units across three assets. The transactions fit with the company's strategy to focus on highly amenitized multifamily and creative office assets in growing markets that have high barriers to entry.
• CMCT stock gained 1.9% in midday trading.
• CMCT will acquire an interest in the 75-unit Parkview Apartment in the Echo Park neighborhood of Los Angeles, a deal that's expected to close in mid-February. The community is adjacent to an eight-story creative office property that CMCT ( CMCT ) acquired in February 2022.
• The company is also under contract to acquire Eleven Fifty Clay, a 16-story apartment building with 288 market-rate residences, in Oakland, California. That acquisition is expected to close in late March.
• On Jan. 31, 2023, CMCT ( CMCT ) closed on the acquisition of Channel House, a 333-unit, eight-story apartment building also in Oakland.
• In April 2022, CMCT acquired a land parcel in Los Angeles's Jefferson Park submarket to develop an apartment building .

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