CIM Group and Hulic Co., Ltd. Acquire 134-Unit 51 South Apartment Community in White Plains
WHITE PLAINS, N.Y. — Sept. 3, 2026 — CIM Group, in partnership with Tokyo-based Hulic Co., Ltd., has acquired 51 South, a 134-unit multifamily community at 51 South Broadway in White Plains, N.Y., the Los Angeles-based real estate firm announced. The transaction marks CIM Group's first investment in Westchester County and adds a newly completed, amenity-rich apartment building to its existing New York metropolitan area portfolio.
Asset Profile: 51 South in White Plains
Completed in 2025, 51 South is an eight-story building situated on approximately 1.02 acres in the heart of White Plains. The property offers 134 residential units across a mix of 27 studios, 59 one-bedroom apartments, and 48 two-bedroom apartments. Studios run approximately 537 square feet, one-bedroom units range from roughly 717 to 734 square feet, and two-bedroom floor plans reach approximately 1,055 square feet.
Asking rents at the property span from roughly $2,600 to $2,800 per month for studios, $2,995 to $3,200 per month for one-bedroom units, and approximately $4,400 per month for two-bedroom apartments — positioning 51 South at the upper end of the White Plains rental market relative to the broader submarket's median rent of around $2,800 per month.
The building includes more than 20,000 square feet of amenities, encompassing coworking space, indoor and outdoor lounges, and a variety of sports and recreational facilities. The property was originally developed by RMS Companies of Stamford, Conn., at a total project cost of approximately $48 million.
CIM Group's New York Strategy and the Hulic Partnership
The acquisition deepens CIM Group's presence in the New York region, where the firm has been active as an owner, operator, lender, and developer for more than 15 years. Since 2010, CIM Group has deployed approximately $4 billion in equity across New York metropolitan area projects representing more than $10 billion in total project value.
"We are pleased to add 51 South to our New York portfolio and make our first investment in Westchester County," said Shaul Kuba, Co-Founder and Principal, CIM Group. "We believe the market benefits from strong fundamentals, connectivity to New York City, and continued demand for quality housing. We look forward to expanding our presence in Westchester and pursuing additional opportunities across the region."
Hulic Co., Ltd., the Tokyo-based real estate company, joins the deal as CIM Group's capital partner.
White Plains Market Context
White Plains serves as one of Westchester County's primary business and residential centers, home to major employers, higher education institutions, retail destinations, and government offices. The city's downtown core offers a walkable mix of restaurants, entertainment venues, outdoor spaces, and arts and cultural attractions.
A key demand driver for 51 South is its proximity to Metro-North rail service, with Manhattan's Grand Central Terminal approximately 38 minutes away. The property also provides access to Interstate 287 and major regional employment centers.
White Plains multifamily fundamentals have remained firm. Advertised rents in the city averaged approximately $2,421 per month as of early 2025, reflecting year-over-year growth of roughly 2.5%, while vacancy rates have stayed relatively low — conditions that support lease-up velocity for well-located new construction. Given 51 South's 2025 completion and active leasing activity across multiple platforms, the property appears to be in lease-up nearing stabilization at the time of the acquisition.
CIM Group's Broader Platform
Founded in 1994, CIM Group describes itself as a community-focused real estate and infrastructure owner, operator, lender, and developer. The firm has delivered more than $60 billion of real estate and infrastructure projects across the Americas over its three-decade history. CIM Group applies what it characterizes as a hands-on management approach across the full asset lifecycle, from due diligence through disposition.
Additional information about 51 South is available at www.51southwhiteplains.com.