Ever dine at the Tender Greens near the Coffee Bean in West Hollywood and wonder: Who actually lives in those gorgeous loft spaces above? Answer: not too many people. That's why CIM Group is turning this centrally-located address into a cluster of rentals.
From Curbed L.A.: It (the lofts) opened for sales in 2008, just before the financial markets fell apart. But even as other developers chopped prices, CIM Group basically stuck to its original pricing (a move which, particularly after that auction, irked local real estate agents, who wanted to make some money themselves via commissions).
Believing in the value of the project, and apparently able to afford to ride out the market, CIM Group and its investors decided to watch and wait (and some ways they still are: CIM's John Given says the building will be eventually be converted back to condominiums when the market improves).
In all, three units total sold (there were two buyers; one man bought two adjoining units). Those buyers will remain. As for renters, CIM Given believes the architecture, pool, parking, and more all make for an exceptionally good value for renters (everyone won't know the rental prices till later this week).