CIM Group Completes 47-Unit Apartment Community in Los Angeles' West Adams Neighborhood
CIM Group announced Sept. 22, 2026, the completion and opening of 2535 Alsace, a six-story, 47-unit apartment community at 2535 Alsace Avenue in the West Adams neighborhood of Los Angeles. The project marks another multifamily addition by the firm to one of the city's more active infill corridors.
Project Details and Amenities
The building offers a mix of pet-friendly studio and one-bedroom residences designed for urban living. Community amenities include a rooftop deck, a barbecue and lounge area, and on-site bicycle storage. Select units include private balconies. The property also contains approximately 400 square feet of ground-floor commercial office space.
Four of the 47 units — roughly 8.5 percent of the total — are reserved as affordable housing for households earning no more than 50 percent of the Area Median Income, as defined by the U.S. Department of Housing and Urban Development. The property is situated within a federally designated Qualified Opportunity Zone, a tax-oriented investment framework intended to encourage capital deployment in designated lower-income communities.
CIM Group said it has acquired and developed real estate and infrastructure across communities now designated as Opportunity Zones for more than 20 years.
West Adams Location and Neighborhood Context
Located just off West Adams Boulevard on Alsace Avenue, the property sits in a transit-connected, infill portion of Central Los Angeles that has attracted apartment development, adaptive-reuse projects and neighborhood-serving commercial investment in recent years. CIM Group noted that residents will have access to local restaurants, retail destinations, employment centers and transportation options with connectivity to neighborhoods throughout the city.
The completion of 2535 Alsace follows another CIM Group West Adams project, Coro, a 168-unit apartment community. The two projects indicate an ongoing focus by the firm on adding multifamily housing in the neighborhood.
Los Angeles Multifamily Market Conditions
The delivery arrives as Los Angeles apartment fundamentals reflect a split between continued housing demand and a softer operating environment for newly delivered units. Multifamily vacancy in Los Angeles stood at 5.5 percent in the second quarter of 2026, with average asking rent at approximately $2,310 per unit per month. A separate dataset placed second-quarter vacancy at 4.52 percent and effective rent at $2,887, with differences reflecting variations in geography and methodology across sources.
Multifamily deliveries in Los Angeles totaled 6,205 units year to date through the second quarter of 2026, down 8.8 percent from the comparable period in 2025. The construction pipeline contracted to 25,636 units, a decline of 15.4 percent year over year, as elevated interest rates, construction costs and weaker development economics limited new starts. Trailing 12-month completions reached 9,105 units.
The average multifamily capitalization rate in Los Angeles reached 5.37 percent in the second quarter of 2026, the sixth consecutive quarterly increase, while average pricing fell to $308,551 per unit — approximately 13.9 percent below the 2022 peak.
For 2535 Alsace, the smaller unit sizes and West Adams location may help position the project toward renters seeking newer housing near employment, restaurants and transportation. The property will nonetheless compete with a significant volume of recently completed apartments across the market.
About CIM Group
CIM Group describes itself as a community-focused real estate and infrastructure owner, operator, lender and developer. Founded in 1994, the firm says it has delivered more than $60 billion of real estate and infrastructure projects across the Americas. For additional leasing information on 2535 Alsace, CIM Group directed inquiries to www.2535alsace.com.
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